Coronavirus Impact May Render 38 Million Jobless in Indian Tourism Sector: Industry Body
With stringent travel restrictions in place and widespread fears keeping people indoors, India’s travel and tourism industry is staring at large-scale job losses. Highlighting the impact of the unfolding crisis, industry body Federation of Associations in Indian Tourism & Hospitality (FAITH) has approached Prime Minister (PM) Narendra Modi.
In a letter to the PM, the industry body has urged the Prime Minister’s Office (PMO) to intervene to minimise the damage. Apart from business loss for the Rs 5-trillion industry, FAITH said the crisis may leave 38 million people (or 70% of all employed directly and indirectly) jobless.
Further, it has predicted that a near halt in travel and tourism may result in a Rs 10-trillion hit to the country’s economy. “As a result of this pandemic, the Indian tourism industry is looking at pan-Indian bankruptcies, closure of businesses, and mass unemployment,” said FAITH.
With revenue streams drying up, the body has urged the PMO for varied measures. A moratorium on payable equated monthly installments for the next 12 months, loans and working capital from financial institutions, deferment of all statutory dues, including goods and services tax, advance tax payments, provident fund, and Customs duties are its demands. “State government-level excise fees, levies, taxes, power and water charges, bank guarantees should also be deferred,” the letter read.source thewire.in