Finance Minister Niramala Sitharaman announced the Union Budget 2024 on Tuesday for the fiscal year 2024-25. ADVERTISEMENT In her speech before proposing the developments in the tourism sector, FM Sitharaman said, "Tourism has always been a part of our civilization. Our efforts in positioning India as a global tourist destination will also create jobs, stimulate investments and unlock economic opportunities for other sectors.
" Presenting the Union Budget 2024 in the Lok Sabha, she said the budget envisages sustained efforts on nine priorities that include productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next generation reforms. Efforts to position India as a global tourist destination will also create jobs, stimulate investments and unlock economic opportunities for other sectors. Comprehensive development of the Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported, modelled on the successful Kashi Vishwanath Temple Corridor, to transform them into world-class pilgrim and tourist destinations.
A comprehensive development initiative for Rajgir will be undertaken. The government will support the development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature. The government will provide assistance for the development of Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and beaches.
Noting the tremendous potential for cruise tourism in India, FM Nirmala Sitharaman proposed a simpler tax regime for foreign shipping companies operating domestic cruises in the country. The government will support the development of road connectivity projects, namely (1) Patna-Purnea Expressway, (2) Buxar-Bhagalpur Expressway, (3) Bodhgaya, Rajgir, Vaishali and Darbhanga spurs, and (4) additional 2-lane bridge over the Ganga at Buxar at a total cost of 26,000 crore. On the Amritsar Kolkata Industrial Corridor, the government will support the development of an industrial node at Gaya.
This corridor will catalyze industrial development in the eastern region. Under the Act, for promoting industrial development, funds will be provided for essential infrastructure such as water, power, railways and roads in Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and Orvakal node on the Hyderabad-Bengaluru Industrial Corridor. An additional allocation will be provided this year towards capital investment for economic growth.
Phase IV of the Pradhan Mantri Gram Sadak Yojana (PMGSY) will be launched to provide all-weather connectivity to 25,000 rural habitations that have become eligible in view of their population increase. To promote domestic aviation and boat and ship MRO, the government proposed to extend the period for export of goods imported for repairs from six months to one year. In the same vein, it proposed to extend the time limit for re-importing goods for repairs under warranty from three to five years.
Land-related reforms and actions, both in rural and urban areas, will cover (1) land administration, planning and management; and (2) urban planning, usage and building bylaws. These will be incentivized for completion within the next 3 years through appropriate fiscal support. Click here!.
