Business Bureau :
THE Federation of Hotel and Restaurant Associations of India (FHRAI) has suggested key policy changes to the Government for the revival of the sector, the industry body said on Wednesday. The association in a statement said that its senior delegates submitted representations to the Government suggesting key policy changes, including waiver or relaxation under the EPCG scheme and Extension on moratorium of three years on the principal amount for all loans, for the revival of the sector.
The delegates met Tourism Minister Prahlad Singh Patel and Minister of MSME Nitin Gadkari on Tuesday and discussed the deteriorating state of the hospitality and tourism industry and to recommend immediate fiscal measures to save it from imminent collapse, FHRAI said. The representations suggesting key policy changes include sector specific stimulus package like complete waiver of interest on loans, extension on moratorium of 3 years on the principal amount for all loans, direct benefit transfer of basic pay to employees, expediting payments due towards the sector under SEIS and IT refund. Waiver of secondary condition on average foreign exchange earnings under Export Promotion Capital Goods Scheme and treating payment from foreign tourists in Rs as forex earning, bringing the tenor of ECLGS 1.0 and 2.0 at par with tenor of ECLGS 3.0 and provisioning of additional funds under same scheme was suggested.