Hotel stocks rallied on Wednesday after the honourable Finance Minister Nirmala Sitharaman announced various initiatives to boost the tourism industry in India.
As of 15:00 hours IST, the Tata-owned Indian Hotels Company was up 7.81% to Rs 324.50. Similarly, EIH Ltd. and Lemon Tree Hotels were trading higher with 7.45% and 5.75% intra-day gains respectively.
She highlighted the employment and entrepreneurship opportunities the tourism sector has to offer. Sitharaman commented in her budget speech, “Promotion of tourism will be taken up on mission mode with the active participation of states’ convergence of government programs and public-private partnership.”
The FM conveyed that 50 tourism spots will be picked to be developed as a complete package of domestic and international tourism.
In addition to this, ‘Unity Malls’ will be set up in different states to promote the sale of regional handicrafts from different cities of the respective states.
This is the last full-fledged Union Budget from the Narendra Modi-led BJP government before the general elections in 2024.
Written By Vikalp Mishra
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