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Budget Quote - Ritesh Agarwal, Founder & CEO, OYO
Posted on: 02/Feb/2018 11:11:02 AM
This year`s Union Budget stood for entrepreneurship, employment and quality of life. The announcements made today will benefit MSMEs, including small hotels. At OYO, we have a network of over 3500 exclusively controlled hotels in the MSME sector and we believe that the budget presented today will facilitate the growth of our partners. The Mudra Loan allocation of INR 3 lakh crore will help in enabling SMEs to generate more jobs while creating thousands of new entrepreneurs too. One major change which we were expecting was GST being levied on the actual price rather than the declared tariff for hotel accommodation. We`ll continue to engage with the government to make this happen which will leave no room for litigation and benefit the hospitality industry.
The government`s decision of developing 10 model destinations across India and investing in strengthening the country`s airport network and infrastructure will boost the tourism sector.
The reduction of corporate tax is a welcome move but we are hoping the limit to be pegged higher than INR 250 crore so as to benefit more corporate entities. We appreciate the measures taken by the government to keep the alarming pollution levels in control. This is a major step towards ensuring the quality of life for citizens."
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