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April 17, 2024
Hotels

‘Pre-Budget Expectations for Hospitality Sector as Set Out by Mehul Sharma, Founder & CEO, Signum Hotels & Resorts’

Mehul Sharma, Founder & CEO, Signum Hotels & Resorts

Mehul Sharma, Founder & CEO, Signum Hotels & Resorts

The good days have returned, and the hospitality sector has recovered like never before. We anticipate wonderful few years ahead. Therefore, the hospitality sector must inevitably benefit when the economy grows.

The hospitality business anticipates receiving a consistent industry status from the government across the nation. Only a few states today have declared this status for us along with some excellent initiatives to support the hotel sector. However, not all states operate in this manner. Similar regulations should be implemented by the national government, which will significantly aid the industry’s expansion. We must keep in mind that this industry supports a large number of jobs, and its success has a positive multiplier effect on the economy.

The hotel industry has recovered from the effects of the pandemic, but it is concerned about the high rates of the goods and services tax (GST) on hotel rooms and the government’s lack of help in the most recent budget (2022-2023).

Also, to give us with long-term loans, we ask the government and the ministry of finance. There is a significant gestation phase in the hotel industry, which means it takes three to four years to build a hotel, another two to three years to stabilize, and then the repayment period begins, which is very stressful. Hotel loans therefore have a 15 to 25-year term internationally. The hospitality sector in India should adopt a similar structure as well, as doing so will likely result in fewer NPAs and other problems than in the past.

Also, government should work upon making LTC mandatory and introduce policies and benefits for single female travelers. Government should also work towards incentivizing people to travel. 

Government should also look into making visa processes easier to our country.

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