IAAPI requests relief from the Center

HYDERABAD: Struck by the pandemic, the Indian Association of Amusement Parks and Industries (IAAPI) said on Wednesday it had written to Prime Minister Narendra Modi to consider providing grants, credit facilities and tax breaks to the segment.
Amusement parks contribute nearly 40% of the recreation industry’s revenue and attract more than 3 million visitors per year, providing direct employment to more than 75,000 people.
In India, amusement parks generate 60 to 65 percent of their revenue from ticket sales, with the rest from the sale of food, drink and merchandise, the IAAPI said.
In a letter to the Prime Minister, Rajeev Jalnapurkar, President of IAAPI, urged the Center to take into account factors such as extending certain statutory compliance deadlines, reducing the effective interest rate on loans, 12 month full GST exemption, 12 month moratorium on payments. to financial institutions, tax support for salaries and exemption from customs duties on the import of spare parts, among others.
The IAAPI has also sought incentives to stimulate the manufacture of amusement rides, electronics and parts.
Jalnapurkar said in the letter that the entertainment industry is still in its infancy and needs government support to overcome this crisis.

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