Hotel shares rally after Union Budget's booster for tourism sector

Hotel stocks edged higher after the Finance Minister Nirmala Sitharaman's push for the tourism industry in the Budget 2023.

Indian Hotels Company (up 8.98%), EIH (up 7.88), Lemon Tree Hotels (up 6.68%), Tajgvk Hotels & Resorts (up 5.77%) and Chalet Hotels (up 2.06%) advanced.

FM Sitharaman emphasised on the huge scope for job creation and entrepreneurship in the tourism sector. "Promotion of tourism will be taken up on mission mode with the active participation of states' convergence of government programs and public-private partnership," Sitharaman said in her budget speech.

FM said that 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism. States will be encouraged to set a 'Unity Mall' in State capital or the most popular tourist destination in the state for the promotion and sale of 'One District, One product' and GI products and other handicraft.

Finance Minister Nirmala Sitharaman presented the Budget 2023-2024 in Parliament. This is the final full-fledged budget of the Narendra Modi government before the general election next year.

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