Vikas Agarwal, MD of SM Developers, Praises Budget for Its Positive Impact on Tourism Industry
Guwahati, Jul 26: Vikas Agarwal, Managing Director of SM Developers, a leading real estate organisation, has lauded the recent budget for its positive implications on the tourism industry, both at the pan-India level and specifically for the Northeast region.
“At a country level, the budget has introduced significant infrastructure developments that are set to boost the tourism sector. The expansion of the highway network in states like Bihar, for instance, is a noteworthy initiative. Bihar’s immense tourism potential, with sites like Nalanda, Sarnath, and Bodh Gaya, will greatly benefit from enhanced connectivity, making these historic locations more accessible to tourists,” said Mr. Agarwal.
He also highlighted the broader positive effects of the infrastructure projects. “The announced infrastructure improvements will not only enhance tourism but also facilitate the transportation of construction materials, thereby aiding the construction industry. This dual benefit underscores the budget’s comprehensive approach to development,” he added.
Mr. Agarwal emphasised the budget’s growth-oriented nature, particularly in the context of the Northeast. “The infrastructure announcements for the Northeast will open up far-reaching areas, boosting regional tourism and economic development. This budget is a step in the right direction for ensuring balanced growth across different regions,” he stated.
Furthermore, he appreciated the potential increase in disposable income due to the changes in the tax structure. “The budget’s focus on increasing disposable income is a welcome move, as it will likely spur consumer spending and contribute to overall economic growth,” Mr. Agarwal noted.
In conclusion, Mr. Agarwal expressed his optimism about the budget’s impact on the tourism industry. “Overall, this budget is a positive and growth-oriented plan that addresses key areas of infrastructure and economic development. It sets the stage for sustained growth in the tourism sector and beyond,” he remarked.
However, Mr. Agarwal also suggested areas for improvement. “At a country level, the budget had the potential to introduce significant structural changes in taxation. For instance, separate taxation for restaurants and hotels limits the commercial value that hotel-based restaurants can offer compared to standalone establishments. Addressing this could have been a significant opportunity for the budget,” he mentioned. He also noted concerns about the Northeast, pointing out that the reduction in the budget for the Regional Connectivity Scheme (RCS) could adversely affect intra-Northeast travel by increasing airfares. “Despite the budget cut, it’s essential that the Northeast retains a significant portion of the RCS funds to ensure affordable air travel within the region,” he emphasised.
About Vikas Agarwal
Vikas Agarwal, MD & CEO of SM Developers, joined his family enterprise SM Group, in 2004 after serving as an enterprise systems consultant with Accenture in Delaware, USA. Under his leadership, the company’s steel distribution business grew tenfold in five years, and he expanded the portfolio to include newer divisions such as real estate and hospitality. An alumnus of Mayo College Ajmer, Mr. Agarwal holds an M.S. in Information Systems from De Montfort University, Leicester. He has been instrumental in developing organisational capability, implementing corporate governance standards, harnessing IT for workflow efficiency, and evolving SM Group into a prominent corporate brand in Eastern India.
About SM Developers
SM Developers, a leading hotel and real estate development company is an arm of the SM Group and an industry leader committed to providing infrastructure that matches your aspirations. With over 25 Lacs sq ft under development, SM Developers has a legacy of over 70 years in creating stunning and valuable ecosystems. Their residential projects as well as hotels like Novotel Guwahati and Vivanta Shillong, reflect SM’s hallmark of excellence and have become landmarks in the region.
