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Hospitality industry expects new govt to provide cheap loans

Hospitality industry expects new govt to provide cheap loans
PTI
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First Published: Tue, May 19 2009. 04 24 PM IST
Updated: Tue, May 19 2009. 04 24 PM IST
New Delhi: With the return of the UPA to power at the Centre, the hospitality industry expects that the new government would do away with multiple taxations and provide loans at subsidised rates to help the sector, hit hard by the global economic meltdown, bounce back.
“The new government should provide loans at subsidised rates to the industry which is reeling under the impact of global economic slowdown. Besides, it should also strive to create a single window clearance to ease the process of setting up new hotels,” Federation of Hotel and Restaurant Association of India (FHRAI) secretary general Deepak Sharma told PTI.
The Indian Association of Tour Operators (IATO) termed the UPA’s win in the general elections as positive and said the new government should rationalise the taxation system by reducing service tax and scrapping the fringe benefit tax.
Sharma said such measures would help the sector to grow and also raise prospects for increasing the availability of rooms.
He added that the Indian economy is likely to witness a surge of activities following the electoral verdict for a stable government at the Centre.
“This will prove to be a boon for travellers within the country and it also raises the prospects for a boom in the sector,” he said.
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First Published: Tue, May 19 2009. 04 24 PM IST
More Topics: Hospitality | UPA | Loans | FHRAI | IATO |