Decoding The Impact Of Union Budget 2023 On The Event Industry : Samit Garg, President EEMA
Read this exclusive piece by Samit Garg, President of EEMA
The recent Union Budget has got a mixed response from the event industry. While some have praised it for the impetus it brings in sectors like tourism, there are others who maintain that it has nothing in specific to offer to the event industry at large. Amid these conflicting voices, Samit Garg, President EEMA shared this exclusive take on the union budget 2023, here is what he said.
Budget Proposal : Capital investment outlay is being increased steeply for third year in a row to Rs. 10 lakh crore
Impact : This will lead to creation of more business opportunities for the events industry at since more projects will get inaugurated and more large format business meetings will happen.
Budget Proposal : Large potential to be tapped in tourism. Promotion of tourism will be taken up on mission mode.
Government to select 50 destinations through 'challenge mode' to promote tourism
50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity
Impact : With the above and the launch of 'Visit India Year 2023', there will be a huge impact on inbound events in the country. This coupled with the fact that many more destinations/airports will be added and promoted, will also lead to many more event opportunities being created around that. I can easily see business of about 2500cr getting added to the kitty of the industry at large.
Budget Proposal : Various recommendations under rationalisation of customs duty, tax exemptions, banking and finance etc.
Impact : This will lead to increase of consumerism and public spending and will positively impact the corporate events and ATL/BTL business for the events industry.
Budget Proposal : TDS @ 20% for all foreign payments for reasons other than health care and education.
Impact : Will put pressure on cash flows for out bound events like destination weddings and MICE.
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