Infrastructural Development will expand hospitality in India, says Suresh Nanda

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suresh nanda
suresh nanda

The government is all set to introduce the DFI Bill in Lok Sabha next week

To boost investments in its national infra program, the government has announced to introduce The National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021 in Lok Sabha in the coming week. The NaBFID will help the government in setting up the Development Finance Institution (DFI) to raise investments. While commenting on the development, Suresh Nanda, Chairman of Claridges Group of Hotels has said that DFI will boost the infrastructure, eventually expanding the horizons of hospitality across the nation.

Reliable and vibrant infrastructure is essential to the growth of any nation, helping the country in realizing economic goals. The present political regime in India has been aggressively looking for attracting foreign investments in the sector as 100 percent of the FDIs are allowed in infrastructure. As indicated by Union Minister Nitin Gadkari earlier in the year 2020 that the government is seeking investments all across the sector wherever possible. India is already one of the biggest construction markets, expected to become the third-largest by the year 2022 in the world, offering a lucrative market for investments.

 

“Greater investments means rapid infra development. State-of-the-art infrastructure is always good for every sector. However, it is a boon for the hospitality, and tour & travel industry. The government has also formed an alliance with Japan to develop roads in north-eastern India which will allow tourists to explore new pockets in peripheries of the nation,” says Suresh Nanda. He also added that DFI, being a sovereign institution will attract lots of funds. As per the reports available, the DFI will be able to leverage over INR 3 lakh crores within the next couple of years. With such dynamic planning to raise investments for the development of infrastructure, almost every sector of the market has applauded the efforts of the government as it is going to benefit the economy at large.

Hospitality, in particular, will be the first to exploit development in the infra as it has been several years since it is scoring a moderate growth rate. However, Suresh Nanda has suggested that with growing foreign tourist arrivals and evolving competitive landscape “clubbed with the rapid infrastructure development will expand the horizons of hospitality across India.”