About HOSPITALITY SERIES
The fortunes of the Hospitality Industry have always been linked to the prospects of the tourism industry and tourism is the foremost demand driver of the industry. World Travel & Tourism Council (WTTC), which says India's travel and tourism sector is expected to be the second-largest employer in the world, employing 40,37,000 people, directly or indirectly, by 2019. The size of the Indian hospitality industry is estimated as a sum of revenues generated from travel (business, leisure, visiting friends and relatives, religious, meetings and conferences). The Hospitality Series directly implies on tapping this market.
Measures undertaken by the government
Various policy measures undertaken by the Ministry of Tourism and tax incentives have also aided growth of the hospitality industry; some of them include :
• Allowance of 100% FDI in the hotel industry (including construction of hotels, resorts, and recreational facilities) through the automatic route
• Introduction of 'Medical Visa' for tourists coming into the country for medical treatment
• Issuance of visa-on-arrival for tourists from select countries, which include Japan, New Zealand, and Finland
• Promotion of rural tourism by the Ministry of Tourism in collaboration with the United Nations Development Programme
• Elimination of customs duty for import of raw materials, equipment, liquor etc
• Capital subsidy programme for budget hotels
• Exemption of Fringe Benefit Tax on crèches, employee sports, and guest house facilities
• Five-year income tax holidays for 2-4 star hotels established in specified districts having UNESCO-declared 'World Heritage Sites'.
Hospitality Series COVERS
Source: D&B Research
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