172@29@17@241!~!172@29@0@53!~!|news|business|economy|atmanirbhar-bharat-disappointed-in-fm-sitharaman-association-says-70-of-restaurants-and-hotels-set-to-shut-shop-5279361.html?utm_source=MC_OpeninApp!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
FREE virtual training session on Passive Income Secrets: October 24 and 25, 2020, 10am to 1pm. Register Now!
Last Updated : May 17, 2020 09:57 PM IST | Source: Moneycontrol.com

Atmanirbhar Bharat: Disappointed in FM Sitharaman, association says 70% of restaurants and hotels set to shut shop

FHRAI said, “The entire industry is confused, hysterical and in disbelief after listening to the FM’s speech. There was no mention of hospitality and tourism at all."

Representative image.
Representative image.

Hospitality and tourism sector said it is in chaos after Finance Minister Nirmala Sitharaman failed to give them relief in her five-part Atmanirbhar Bharat Mission announcements that ended earlier today.


Federation of Hotel and Restaurant Associations of India (FHRAI), said, "The industry is decidedly looking at a major catastrophe including massive job loss, bankrupt enterprises and definite closure of at least 70 percent of hospitality establishments across the country."


The association called for the Government to immediately action a stimulus package for hospitality for avoiding unfathomable consequences of failing the industry.


Gurbaxish Singh Kohli, Vice President, FHRAI and President, Hotel and Restaurant Association of Western India (HRAWI) said, “The entire industry is confused, hysterical and in disbelief after listening to the FM’s speech. There was no mention of hospitality and tourism at all."


The hospitality and tourism industry generates close to Rs 17 lakh crore contributing roughly 10 percent of India's GDP and supports over 43 million jobs translating to almost 9 percent of its total employment, the association said.


"Despite this knowledge the Government has chosen to completely ignore us, yet again," it said.

“Our projections indicate that within the next 30 to 45 days as many as 70 percent of hotels and restaurants put together will close down. The FHRAI calls upon the Government for its urgent attention and plead to bail us from this eventuality,” concluded Kohli.

First Published on May 17, 2020 09:52 pm
Sections