Chhatwal emphasized that the call for industry status extends beyond the confines of IHCL, resonating with the broader spectrum of the hospitality industry. The crux of this demand lies in recognizing the sector’s pivotal role in the economic landscape and the multifaceted benefits that industry status would confer.
IHCL, under Chhatwal’s stewardship, stands as a net debt positive entity, boasting robust cash reserves. A noteworthy feat, especially considering the tumultuous period of zero revenue endured during the COVID-19 crisis. More significantly, IHCL emerged as a compassionate employer, abstaining from layoffs despite the economic challenges, a testament to the company’s commitment to its workforce.
The push for industry status, according to Chhatwal, is not merely a matter of financial relief; it is a strategic move that could unlock various avenues of growth. He articulated the potential advantages, ranging from access to cheaper loans to subsidies that could catalyze transformative changes in the sector.
Chhatwal’s optimism about the hospitality industry’s resilience was palpable. Despite the severe setbacks faced during the pandemic, he expressed confidence in the industry’s ability to not only weather the storm but to thrive in the aftermath. This optimism emanates from a foundation of strong management and operational strategies that have fortified IHCL against adversities.
Beyond financial considerations, Chhatwal shed light on the sector’s significant contribution to employment, extending its impact to allied businesses like suppliers. The plea for industry status resonates with the broader economic narrative of India. With ambitious goals of becoming the world’s third-largest economy, the country is witnessing substantial infrastructure development, potentially leading to increased disposable income and higher discretionary spending.Addressing the glaring disparity in taxation, Chhatwal highlighted a striking incongruity: despite 92% of hotel rooms in India belonging to the non-luxury segment, the sector grapples with disproportionately high taxes. The call for industry status is, therefore, a clarion call for equitable treatment and recognition of the sector’s diverse landscape.In navigating the complex landscape of Indian bureaucracy, Chhatwal acknowledged that the quest for industry status remains a state-level subject. This reality necessitates concerted efforts to engage with each state individually to secure the benefits that industry status could bestow.
Aligned with the industry’s aspirations, prominent lobby bodies such as FICCI and CII have joined the chorus, actively lobbying for infrastructure status at the central government level. This collaborative effort seeks to amplify the sector’s voice and propel it into the national policy discourse.
As the hospitality industry continues to grapple with challenges, Puneet Chhatwal’s advocacy for industry status stands as a beacon of hope and a catalyst for change. His nuanced perspective, rooted in the sector’s economic significance, paints a compelling narrative that extends beyond the confines of IHCL, resonating with the aspirations of an entire industry striving for recognition and support.
