The Federation of Hotel and Restaurant Association of India has asked for a sector-specific relief package to ensure the survival of the industry. This, along with a moratorium on loans and direct benefit transfer of basic pay to hospitality sector employees.
The COVID-19 led pandemic has wreaked havoc in the tourism and hospitality sector. Pre-pandemic capacity for both hotels and restaurants stood close to 90 percent, but after the 1st and 2nd wave, utilisation remains well below 50 percent. As many as 30 percent of hotels and restaurants have shut down permanently and about 5 crore jobs have been lost during the pandemic with the industry association reporting 1.4 lakh crore rupees in financial losses.
CNBC-TV18’s Anshu Sharma gets a reality check on the impact and how can budget help this battered sector.
First Published: Jan 25, 2022 6:29 PM IST
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