Hotelier Dr. Vikram Kamat Anticipates Significant Budget Reforms for the Indian Hospitality and F&B Industry in 2024

Mumbai, January 2023
Dr. Vikram Kamat, the Founder and CMD of The Vitskamats Group, a leading player in the hospitality industry, has shared expectations regarding the upcoming 2024 budget from the Indian government. He emphasizes the need for crucial reforms to support the restaurant and food and beverage (F&B) businesses in the country.

In a recent statement, Dr. Vikram Kamat highlighted the pressing issue faced by organized restaurant players, expressing the urgent need for the introduction of input credit specifically tailored for the restaurant and F&B sector. He noted that despite the industry's contribution to formal employment and business for registered vendors, there is still a substantial loss incurred.

"The biggest expectation is to introduce input credit on restaurants and F&B businesses. Organized restaurant players are losing out, and as the chain grows, creating formal employment and business for registered vendors, we are still at a loss. Food is served everywhere, from bus stands to airports, up in the air, or trains. This results in a significant loss for both the government and the industry," Dr. Kamat explained.

The Vitskamats Group, with its extensive presence in the hospitality sector, anticipates positive changes in the budget that will address these concerns and foster the growth of the restaurant and F&B industry in India. Dr. Vikram Kamat remains optimistic about the government's commitment to supporting businesses and looks forward to a budget that will stimulate the industry's recovery and expansion.

As the Indian government prepares to unveil the budget for 2024, Dr. Vikram Kamat's insights shed light on the challenges faced by the restaurant and F&B sector, urging policymakers to consider comprehensive reforms that will benefit both businesses and the overall economy.

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