The budget allocation for Tourism in the Budget presented in the Parliament today by Arun Jaitley, Union Finance Minister has pegged at INR 1,840.77 cr. This is a moderate increase compared to INR 1,590 cr allocated to Tourism in the Budget last year.'
Presenting the annual budget for 2017-18 Finance Minister, Arun Jaitley has proposed setting up of Special Tourism Zones (STZs) to boost private investment in the tourism sector in the country. The Finance Minister also proposed Special Purpose Vehicle (SPV) with funding from both the government and the private sector to trigger investment into the Special Tourism Zones.
“Tourism is a big employment generator and has a multiplier impact on the economy. Five Special Tourism Zones, anchored on SPVs, will be set up in partnership with the States. Incredible India 2.0 Campaign will be launched across the world,” said Arun Jaitley in his Budget presentation.
For transportation sector as a whole, including rail, roads, shipping, the Budget has provided INR 241,387 Cr. in 2017-18. For 2017-18, the total capital and development expenditure of Railways has been pegged at INR 131,000 crores. This includes INR 55,000 crores provided by the Government. “This magnitude of investment will spur a huge amount of economic activity across the country and create more job opportunities,” the FM said presenting the Budget.
Select airports in Tier-II cities will be taken up for operation and maintenance in the PPP mode. Airport Authority of India Act will be amended to enable effective monetisation of land assets. The resources, so raised, will be utilised for airport upgradation, the Budget statement says.
The total allocation for infrastructure development in 2017-18 stands at INR 396,135 crores.