Hotel Projects
New Delhi: According to Chiranjeevi, the recent decision to include hotels and convention centers in the master list of infrastructure will significantly boost employment opportunities across the nation.
In a recent development, the Finance Ministry has opted to classify hotel projects exceeding Rs 200 crore and convention centers valued at over Rs 300 crore as infrastructure endeavors. The Tourism Minister expressed a warm welcome to this decision.
This provision will be valid for three years from the notification date, catering to eligible projects. It is important to note that while land costs and lease charges are excluded, the interest incurred during the construction phase will be factored in.
Previously, the Tourism Minister engaged with P Chidambaram to discuss this matter. The Tourism Ministry has actively pursued such benefits from the Finance Ministry to foster the growth of the hospitality sector in India.
Including hotels under the infrastructure umbrella is poised to invigorate the industry, potentially attracting numerous foreign brands to establish their presence in the country. The tourism and hospitality sector has demonstrated substantial expansion in recent times.
Furthermore, incorporating convention centers is expected to facilitate the creation of specialized tourism offerings that ensure year-round business, effectively tackling the existing challenge of seasonality in Indian tourism.