IAAPI seeks industry status from govt to boost sector
Indian Association of Amusement Parks and Industries (IAAPI) Wednesday urged the government for industry status to boost the sector.
"Amusement parks are highly capital intensive and other than the land cost, most of the high thrill rides needs to be imported. Currently, water, power and other utilities are procured at commercial rate. Industry status will help us getting the basic utilities at industrial or concessional rate which will economise the operational cost," IAAPI president Pradeep K Sharma said in a release here.
Indian parks can offer world class rides and attractions for which the government must consider providing import subsidies, he added.
"Relief measures by the government will help boost our sector and encourage parks to install international high thrill rides and attractions on par with the amusement industry in the US, Europe and the Middle East," he added.
Further, he said that loans and advance at favourable financing rate will encourage fresh investment in amusement park, expansion of existing parks by investing in news rides and attractions will assist in increasing tourist footfalls.
The amusement and theme park industry grew at more than 30 per cent with the annual revenue of around Rs 2,261 crore in 2018 and is estimated to grow to at least to Rs 6,250 crore by 2022.
Increase in amusement parks is beneficial as provide employment for locals and creates a broad customer base for other business, such as retail, restaurant and transportation, Sharma said.
IAAPI is an apex body representing the amusement parks, theme parks, water parks and family entertainment center in the country.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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