The Union Budget presented by Finance Minister Nirmala Sitharaman has brought promising news for the travel and tourism industry, with significant measures aimed at boosting domestic travel and preserving cultural heritage. These initiatives are expected to drive growth, stimulate employment, and create new economic opportunities in the sector.
In her Budget speech, Finance Minister Sitharaman announced comprehensive development plans for key cultural and religious sites. Among these, the Vishnupad Temple in Gaya and the Mahabodhi Temple in Bodhgaya will undergo extensive development, inspired by the successful Kashi Vishwanath Corridor project. These sites hold immense spiritual significance and are set to be transformed into world-class pilgrim and tourist destinations.
The Budget also includes efforts to preserve the hot springs in Rajgir, which are sacred to Hindus, Buddhists, and Jains. The development of Rajgir will include initiatives to enhance the area’s religious and cultural significance, along with the ancient Jain Temple complex and the Saptharishi hot springs.
Additionally, the historic site of Nalanda will receive support for its development as a major tourist center, along with efforts to revive Nalanda University to its former glory. In Odisha, known for its scenic beauty, temples, and pristine beaches, the government will provide assistance to enhance its appeal as a premier tourism destination.
These initiatives have already had a positive impact on the market, with stocks such as Yatra Online, Easy Trip Planners (Ease My Trip), EIH, Thomas Cook, and Praveg experiencing gains of up to 4 percent following the announcements.
In her speech, Finance Minister also outlined nine priority areas, including jobs, agriculture, MSMEs, and education. The Budget emphasized the importance of supporting MSMEs, which play a crucial role in the Indian economy. Measures to aid MSMEs include promoting skilling and employment opportunities, which are essential for sustained economic growth and development.
Infrastructure development was another key highlight, with plans for several major projects, including the construction of the Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, and additional spurs connecting Bodhgaya, Rajgir, Vaishali, and Darbhanga.
