EEMA President Samit Garg shares a note on the ‘Impact of Union Budget 2023 on the Events Industry’
by EVENTFAQS Bureau Industry Watch | February 2, 2023 | Feature
Samit Garg EEMA Union Budget 2023-24 Nirmala Sitharaman
Finance Minister, Nirmala Sitharaman unveiled the Union Budget for the fiscal year 2023-24. Further to the announcement, Samit Garg, President, EEMA sent out an official note showcasing the plausible impact of the Union Budget 2023 on the Event Industry, on the basis of budget proposals.
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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Samit Garg, President, EEMA shared an official note showcasing the plausible impact of the Union Budget 2023-24 on the Event Industry, on the basis of budget proposals.