A Boost for Travel & Tourism

India's tourism industry booms with the state of the economy. The industry was hit hard post the financial crisis of 2008. The fortunes of hotels have not changed much since. There is more supply and lower demand. The balance sheets of many hoteliers are weighed down with debt accumulated to develop assets-many of which are now up for sale. Nine hotels received approvals for corporate debt restructuring amounting to ₹4,600 crore in 2012-2013. The Government is now throwing big bucks to promote tourism. There is the ₹500 crore to develop five tourist circuits, ₹100 crore for National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive and ₹200 crore provided for National Heritage City Development and Augmentation Yojana. Also on anvil is the introduction of E-visas at nine airports, development of new airports in Tier