Government Aims to Boost Cruise Tourism with New Tax Regime
In an effort to significantly enhance cruise tourism, the government has proposed a simplified tax regime for foreign shipping companies operating domestic cruises in India. This initiative, announced by Finance Minister Nirmala Sitharaman during her Budget speech on Tuesday, aims to capitalize on the country’s potential in the cruise tourism sector.
“There is tremendous potential for cruise tourism in India. To give a fillip to this employment-generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country,” said Sitharaman.
The government is actively working to position India as a premier global travel destination, building on tourism as a cornerstone of Indian civilization. These efforts are expected to create jobs, stimulate investments, and unlock economic opportunities across various sectors.
The Finance Minister emphasized the government’s commitment to developing iconic spiritual and cultural sites, alongside promoting cruise and beach tourism, to attract both domestic and international tourists.
Key announcements included support for the development of the Vishnupad Temple Corridor and the Mahabodhi Temple Corridor, modeled after the successful Kashi Vishwanath Temple Corridor, transforming them into world-class pilgrim and tourist destinations.
Sitharaman also announced plans for the development of Rajgir and Nalanda in Bihar. Rajgir holds significant religious importance for Hindus, Buddhists, and Jains, and will undergo a comprehensive development initiative. Additionally, the government will support the development of Nalanda as a tourist center and revive Nalanda University.
The Budget allocation for tourism has increased to INR 2,479.6 crore, compared to the revised estimates of INR 1,692.1 crore in 2023-24. The budget estimate for 2023-24 was INR 2,400 crore.
The government’s strategic initiatives and increased budget allocation reflect a strong commitment to enhancing India’s tourism landscape and leveraging the country’s rich cultural heritage to attract global travelers.
