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Wednesday, June 29, 2022

India Travel & Tourism Associations Plead with Government for Bailout

The Chairman of the Associated Chambers of Commerce and Industry of India (ASSOCHAM) & Hospitality Council, and Honorary Secretary of the Federation of Associations in India Tourism & Hospitality(FAITH), Subhash Goyal, MBA, PHD, issues the following statement on the COVID-19 coronavirus crisis:

The whole world is in a virtual lockdown position because of this deadly Coronavirus (COVID-19). It seems like the third world war.

As far as India Travel & Tourism is concerned, the total tourism business activity of India is estimated at $28 billion, including Rs 2 lakh crore in domestic tourism activity. We have lost about 15 lakh foreign tourists arrivals in the month of March and April and we are not sure of the future business.  Tourism industry will go into big loss of about 15,000 crores of foreign exchange. This has caused lot of our members business going into big losses and some small companies are on the verge of closing their business, as they are not in a position to meet the expenses and survive. Tourism is not only an economic activity, but the largest employment generate in the world. Inf act, being labour intensive and having a multiplier effect, the tourism industry is responsible for 10% of the world GDP, 11% of the world taxes and provides millions of jobs to the poorest of the poor in the remotest rural areas of the world.

We have requested Hon’ble Prime Minister, Finance Minister directly and through the Tourism Minister for a bailout package for the Travel & Tourism Industry.

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