Restaurant sector to contribute Rs 22,400 crore in taxes in 2016 – Feedback

The Indian restaurant industry will contribute Rs 22,400 crore by way of taxes and create 5.8 million direct jobs in 2016, Indian Food Services Report (IFSR), 2016, revealed today.

The report, prepared by industry body National Restaurant Association of India (NRAI), said the country’s food services market is worth over Rs 3.09 lakh crore and is estimated to reach close to Rs 5 lakh crore by 2021. The report estimates that the restaurant industry will contribute close to 2.1 per cent to India’s GDP by 2021, NRAI Honorary Secretary Rahul Singh said here. “Total food services today stand at Rs 3,09,110 crore and has grown at 7.7 per cent since our last report in 2013. It is projected to grow to Rs 4,98,130 crore at a CAGR of 10 per cent by 2021,” NRAI president Riyaaz Amlani said. He further said: “This year alone, the India restaurant sector will create direct employment for 5.8 million people and contribute a whopping Rs 22,400 crore by way of taxes to the Indian economy.”

http://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/restaurant-sector-to-contribute-rs-22400-crore-in-taxes-in-2016/articleshow/53301593.cms

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