Categories: Business

40 percent travel, tourism firms staring at complete shutdown risk in next 3-6 months | 40% of travel and tourism companies hit by lockdown, expected to close in next 3 to 6 months

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40 percent travel, tourism firms staring at complete shutdown risk in next 3-6 months

Mumbai Despite the resumption of the domestic aviation services after about two months, an industrial survey report said that about 40 percent of the travel and tourism sector companies would be open for the next three to six months, given the circumstances arising out of the Korana virus epidemic. hope not. Significantly, the government has started relaxing the restrictions imposed to stop the infection and from Monday the flights on the domestic routes have started again.

The BOTT Travel Sentiment Tracker has produced this report in association with seven national associations IOTO, TAAI, ICPB, ADTOI, OTOAI, ATOAI and SITE. Accordingly, 36 percent of the companies in these areas may be temporarily closed. The report noted that 81 percent of travel and tourism companies have lost their entire earnings, while 15 percent of companies have lost 75 percent of their earnings. The BOTT Travel Sentiment Tracker survey conducted an online consultation with more than 2,300 travel and tourism businesses and company representatives in 10 days.

The report said that the travel and tourism sector has been badly affected due to the epidemic. Upwards of 40 percent of the companies may close down and 35.7 percent of other companies temporarily close their operations in three to six months.

According to the survey, about 38.6 percent of travel companies said they were going to reduce the workforce. Apart from this, another 37.6 percent of companies also say that they can consider sacking employees. Jyoti Mayal, president of the Travel Agents Association of India, said that this is an unprecedented situation and the government should provide some relief for the existence of thousands of companies.

Travel and tourism companies have expressed hope that the government will immediately create a tourism relief fund. Apart from this, he has also made demands like reduction in GST and deferment of loan installments to 12 months.

This post was published on May 25, 2020 6:55 pm

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