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Trade group says 70 percent of India hotels at risk
With no financial help from the India government’s Covid-19 stimulus package, nearly 70% of hotels and restaurants could shut down within two months.
The Federation of Hotel and Restaurant Associations of India (FHRAI) reckons mass bankruptcies and job losses are just around the corner.
More than two-thirds could close within 30-45 days, The FHAI says.
"With not even the slightest reassurance, let alone any stimulus or relief package, from the government, the industry is looking at a major catastrophe. The entire industry is in disbelief. The hospitality and tourism industry generates close to 10% of GDP."
The government announced a US$263 billion financial aid package over several days last week.
"Apprehension in people’s minds coupled with a weakened economy will make getting back on our feet without government intervention impossible," the association added.
"Our projections indicate that within the next 30 to 45 days as many as 70% of hotels and restaurants will close," said Gurbaxish Singh Kohli, FHRAI’s VP and president of the Hotel and Restaurant Association of Western India.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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