Varanasi  – There is a huge scope to increase India’s global tourist share from a mere 2 per cent to 18 per cent thereby harnessing the Potential of a robust cultural, historical, spiritual, and religious ecosystem in the country, Mr Ravindra Jaiswal, Minister for State (Independent Charge) Stamp and Court Fee, Registration, Government of Uttar Pradesh (UP) said here today.

He was shedding light on India’s vibrant population, rich cultural heritage, and untapped potential in the Tourism sector at a conference, ‘Uttar Pradesh Darshan,’ organised by apex industry body ASSOCHAM along with myATITHI.global, a community platform for micro, small and medium enterprises (MSMEs) in hospitality, tourism and travel sector in India.

“With an ever-growing population of 1.25 billion, India stands poised to become a tourism powerhouse. However, its current share of global tourist arrivals pales in comparison to smaller nations such as Singapore and Dubai, which have taken the lead in the tourism sector,” said Mr Jaiswal.

The Minister emphasized the need for India to step up its efforts and seize the immense potential for growth in tourism and development. He applauded the efforts of the country’s Prime Minister in promoting local businesses through initiatives like ‘Vocal for Local.’

The Minister said, “This approach has not only invigorated the domestic economy but has also propelled India to the 5th spot in global economic rankings.”

He added, “India’s potential for tourism growth is unparalleled, it is imperative that we transform our tourism industry to contribute significantly to our local economies. We aim to elevate our global tourist share from 2 percent to 18 percent, and it is the young entrepreneurs in the hospitality, tourism, and travel sectors who hold the key to achieving this goal.”

The State Government is actively extending various subsidies to bolster tourism within UP. The Minister highlighted initiatives like village tourism and emphasized the importance of staying connected with the grassroots level of society. He highlighted culture tourism as a significant opportunity, with festivals playing a vital role in promoting the country’s economy. The idea of “festival tourism” was introduced, suggesting that the country’s myriad festivals could be leveraged to attract tourists on both national and state-specific levels.

In the region of Sonbhadra, the potential for eco-tourism was underscored. To encourage investment in the tourism sector, the Minister’s department is offering substantial rebates on stamp fees for property leasing and registry. For instance, an investment of INR 500 crore in a five-star hotel could lead to rebates of up to INR 40 crore. Additionally, special incentives are being provided for employing female staff and hiring a substantial number of employees.

Looking ahead, the Minister called for the integration of cutting-edge technologies to enhance India’s standing in the global tourism sector. He concluded by outlining plans to alleviate stamp duty on ancestral properties, further contributing to the reduction of family disputes related to property matters.

As India stands at the crossroads of tourism potential, Mr Jaiswal’s vision and commitment to unleashing this potential offer a promising outlook for the nation’s economic and cultural landscape.

Sharing his view, Mr Gautam Mehra, founder and director, myATITHI.global said, “In our journey through the dynamic realm of the hospitality and tourism industry, it becomes imperative that our focus shifts towards sustainable tourism. This isn’t merely a choice, but a duty we bear towards our environment, culture, and the generations to come. By embracing sustainable practices, we have the potential to unlock not only the growth of this sector within our state but across our entire nation.”

He further said, “At the heart of driving this transition towards sustainable tourism lies the pivotal role of UP government. Formulating policies that prioritize the conservation of our environment, bolster local communities, and advocate for responsible tourism can lay the groundwork for a transformative impact. The synergy among stakeholders – encompassing governmental bodies, private enterprises, local communities, and even the tourists themselves – is indispensable in safeguarding the enduring vitality of our natural and cultural treasures.”

In his address, Mr Ritesh Kumar Singh, DGM, SIDBI said, “The tourism sector in Varanasi holds immense potential, demanding sustainable development. SIDBI is resolute in supporting small businesses to meet their financial needs. We extend assistance in green and solar financing, ensuring MSMEs’ growth aligns with sustainability. Our support extends to waste management companies through loan schemes, ensuring proper waste disposal practices. At SIDBI, we persistently strive to cultivate a society where local enterprises flourish sustainably.”

Others who addressed the event included – Mr Sachindra Nath, co-chair, ASSOCHAM National Council for NBFCs and vice-chairman, Ugro Capital; Mr Shivanshu Dwivedi, founder & CEO, Predulive Labs; Mr Alok Mishra, founder & CEO, Bag2Bag, Mr Birendra Singh, Area Manager (Country Head), Booking.com.