The Federation of Hotels and Restaurants Association of India (FHRI) has called on the government to help the recovery of the Kovid-19 pandemic in the fiscal year 2020-21 with the Indian hotel industry losing Rs 1.30 trillion in revenue. . In a statement to Prime Minister Narendra Modi and other Union ministers, the FHRI said on Sunday that it had requested immediate assistance to save the hospitality industry and requested the government to take several economic steps to address this.
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In an FHRI statement, “The revenue of the Indian hotel industry in FY 2019-20 is Rs 1.82 crore. In our estimation, the fiscal year 2020-21 saw a 75% decrease in revenues, which is a shock to the industry at over Rs 1.30 trillion. “FHRI Vice President Gurbakshish Singh Kohli said the industry has been legal since March 2020 and capital expenditures are struggling to meet the obligations. In the present situation, repayment of loans with interest is not only difficult but also impossible.
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We urge the government to bring in a special policy for the industry. This helps mitigate all financial effects, including loans earned or earned by banks, financial institutions or other institutions. “The government must make the necessary special provisions to waive the statutory fees of the hotel industry without any delay,” said Kohli. During the lock-down period, the industry must be exempt from licensing fees, including property taxes, water tariffs, electricity tariffs and excise duties.
