Budget Reaction Quote of Mr. Vikas Suri, Senior Associate Vice President, Lords Hotels and Resorts

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National, February 03, 2022: Mr. Vikas Suri, Senior Associate Vice President, Lords Hotels and Resorts is optimistic and thinks it’s a mixed bag. He further reiterates the sentiments of the industry by stating that, On the one hand, the Union Budget 2022-23 has proposed to extend the ECLGS as well as allocate an additional INR 50,000 crore to finance the credit demands of the hotel and hospitality sector.  This is highly welcomed and appreciated by the industry. However, our industry has faced the brunt since last two consecutive years because of the pandemic, the expectation was for more direct and immediate support.  Long pending demand of reduction of GST, waiver or reduction of licence fee would have aided business revival have not been addressed. Lords Hotels and Resorts is a leading hotel chain, and we will encash on the budgetary allocation for major tourism infrastructure schemes, Rs1181.30 crore, which has been earmarked for the Swadesh Darshan Scheme, and Rs235 crore for the Pilgrimage Rejuvenation and Spiritual and Heritage Augmentation Drive (PRASHAD) Scheme as we look forward to expand our hotels further .