Mastercard’s Plans Aligned With Budget 2024-25’s Emphasis On Tourism
In the budget presentation on 1 February, 2024, Finance Minister Nirmala Sitharaman unveiled a strategic plan to harness and catalyse the burgeoning interest in domestic tourism within India. During her address in Parliament, she emphasised the imperative need for projects focusing on port connectivity, tourism infrastructure, and amenities, particularly across the enchanting islands, including Lakshadweep. This initiative not only aims to elevate the tourism experience but also stands as a testament to the government's commitment to generating employment opportunities.
Highlighting India's recent success in hosting G20 meetings across sixty diverse locations, the Finance Minister underscored the nation's economic strength, positioning it as an alluring destination for both business and conference tourism. Furthermore, she acknowledged the evolving aspirations of the middle class, emphasising their increasing desire to travel and explore. In this context, the Finance Minister identified tourism, including spiritual tourism, as a sector teeming with opportunities for local entrepreneurship.
In an effort to amplify the tourism potential of states, the Finance Minister announced a comprehensive strategy, encouraging them to embark on the development of iconic tourist centres. This involves global-scale branding and marketing, supported by the establishment of a framework for rating these centres based on the quality of facilities and services. To facilitate such development, long-term interest-free loans will be extended to states, reinforcing the government's commitment to fostering tourism as a key driver of economic growth.
Gautam Aggarwal, Division President, South Asia, Mastercard sharing the brand’s POV on increased opportunity for inbound travel, mentioned, “The government’s decision to invest significantly in the tourism sector, as stated by the Union Finance Minister in the Interim Budget, is a welcome step that bodes well for the Indian economy. Coupled with a strong focus on infrastructure development, it will lead to the emergence of new tourism corridors, resulting in greater interest from domestic and international travellers to visit the less explored parts of the country. Mastercard is closely aligned with the government’s vision of tourism contributing US$ 1 trillion to India’s GDP by 2047. To support this vision, the company launched its ‘priceless India’ program last year under the guidance of the Ministry of Tourism. It offers exclusively curated experiences around India’s rich history, culture, cuisine, and a lot more to travel enthusiasts from around the globe.”
This multifaceted approach outlined in the budget signifies a strategic vision aimed at not only promoting tourism but also empowering local economies and solidifying India's standing as a global tourism powerhouse.
