In an interview with ET Edge Insights, Dhruv Shringi, CEO & Co Founder, Yatra.com shared his insights, opinions and experiences about the travel industry, consumer focus, and impact of budget 2023 on travel.
What does customer experience mean for your business?
Honestly, we thrive on it. Our business is centered around the experience of a customer. We aim to provide end-to-end solutions to all travel needs. On our platform, you can book your seats and meals while booking your flights. Realising that post pandemic, customers are looking for more flexibility and assurance, we offer a range of features like zero cancellation charges, Interest free EMI options, Book Now Pay Later, which are all aimed towards providing ease and assurance to travellers to plan and book their travel.
What are the main challenges the travel industry is facing right now?
Rising airfares, owing to the war and the subsequent rise in fuel costs, have deterred plenty of customers from undertaking air travel. Also, visa unavailability, particularly in Europe, is making the idea of a traditional European holiday for Indians far-fetched, leaving them to opt for short-haul international destinations such as Vietnam, Singapore, Malaysia, Dubai, Thailand among others. Post-pandemic India is yet to see a surge in inbound traffic, as there is still plenty of ambivalence about travel in the sub-continent. Another major challenge is the increased rate of TCS on international holiday packages from 5 to 20%, dissuading customers from readily booking a holiday. Robust, traveller-friendly strategies are need of the hour that would give the tourism industry a much-needed flip.
What are your expectations from the budget for 2023?
The main endeavour in the upcoming budget 2023 should be to increase disposable income in the hands of the consumer which can be further channelised to boost domestic tourism and numerous local ecosystems. Furthermore, we look forward to targeted incentives to boost foreign tourism in India, which is yet to realise its full potential. Considering foreign visitors have greater spending power, they have a more significant influence and impact on the industry as a whole. Further, the tourism services provided to foreign nationals should be eligible for GST exemption along with bringing ATF under the GST ambit to provide relief to the airline sector.