Hospitality Industry after Covid-19 in India or anywhere in the world for that matter might not give a comeback for a few years until 2023.
The Hospitality and Tourism industry is the worst Covid-19 hit commerce sectors when compared to other industries, on account of maintaining social distancing and fear of infections.
What is the situation of Hospitality Industry after Covid-19?
S&P Global Ratings, an American credit Agency that publishes financial research and analysis reports on stocks, bonds, and commodities reported that the industry might not make a recovery until 2023.
Recent hospitality industry trends show that the perennial revenue has gone down by 50% in 2020 compared to the previous years.
Even if the sector starts to get back to normal, the revenue will still be 20-30% less when compared to the pre-pandemic situation due to fear of the contagious infection.
Reports suggest that 25% of hotels are at the risk of closure and workers of the industry are at the risk of losing jobs and US hotels are running at 75% slashed prices for damage control.
CEO’s also project that there might not be a significant improvement in the figures of the hotel and travel-related businesses until a vaccine comes into the scene, which might even lead to even worse situations to manage until a vaccine is distributed.
Maharashtra State Tourism approves Ease of Business Policy in the State: How ill this benefit the industry?
After the Maharashtra State Cabinet on actions of State Tourism Minister Aaditya Thackeray announced the approval of ease of business policy back in October, the total number of licenses required for a new business has been reduced to 10 when compared to the previous 70, for the hospitality industry which is expected to open up opportunities and circumstances for new investments and employment to set the industry straight in the state.
Vice President of The Federation of Hotel and Restaurants Association of India (FHRAI) Gurbaxish Singh Kohli, told that the reduction in the number of licenses was a result of constant talks with the government, and will aid in the growth and development of the industry. Furthermore, he told that the new practices will reduce time consumption and it will create space for less hindrance and suggested that other states should also take measures to make the process easier.
From the 70 licenses that existed, the process has contracted to 10 self-certifications. The Ministry of Tourism in the country has a large role to play when it comes to the Tourism and Hospitality Industry as there is an obligatory set of prescribed practices in the constitution for these industries.
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