LONG-TERM INTEREST FREE LOANS TO BE PROVIDED TO STATES FOR FINANCING DEVELOPMENT OF ICONIC TOURIST CENTRES

PROJECTS FOR PORT CONNECTIVITY, TOURISM INFRASTRUCTURE, AND AMENITIES TO BE TAKEN UP ON OUR ISLANDS, INCLUDING LAKSHADWEEP

Union Minister for Finance and Corporate Affairs, Smt  Nirmala  Sitharaman, while presenting the Interim Budget 2024-25 in Parliament today, laid emphasis on comprehensive development of tourist centers for  achieving the vision of  ‘Viksit Bharat’ by 2047.

Iconic Tourist Centres

Smt Nirmala Sitharaman said that states will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale. She further added that long-term interest free loans will be provided to States for financing such development on matching basis. In order to promote comprehensive development of the centres, the Union Minister  said  that a framework for rating of the centres based on quality of facilities and services will be established.

Domestic Tourism

The Union Finance Minister highlighted the fact that India’s middle class also now aspires to travel & explore; and tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship.

In continuation to this, she said that to address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure, and amenities will be taken up on the islands, including Lakshadweep and this will help in generating employment.

In addition to domestic tourism, India’s diversity is known to global audience. In this regard Union Minister Smt. Nirmala Sitharaman in her Budget speech said that the success of organizing G20 meetings in sixty places presented diversity of India to global audience and the economic strength has made the country an attractive destination for business and conference tourism.

Long-term interest-free loans to states to finance development of iconic tourist centres under a quality-rating framework. The central government will provide long-term interest-free loans to states on a matching basis to finance comprehensive development of iconic tourist centres, while establishing a framework for rating those centres by quality of facilities and services. Complementary measures include projects for port connectivity and tourism infrastructure on islands, promotion of domestic and spiritual tourism, and marketing initiatives to generate employment and enhance global competitiveness.