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Question
High Order Thinking Skills
“TFCI is playing vital role in the development of entrepreneurship in modern economy”. Comment.
Solution
The Tourism Finance Corporation of India (TFCI) was born as a result of the Government of India’s decision, in 1987, to promote a separate all- India financial institution for providing financial assistance to tourism-related activities/projects.
It was incorporated as a public limited company under the Companies Act, 1956 on 27 January, 1989. It became operational with effect from 1 February, 1989.It is a specialized all-India development financial institution to cater to the needs of the tourism industry.
Functions:
- It provides financial assistance to enterprises for setting up or the development of tourism- related projects, facilities and services such as hotels, restaurants, holiday resorts, amusement parks, entertainment centres, education and sports, rope ways, cultural centres, convention halls, transport, travel and tour operating agencies, air services, tourism emporia and sports facilities.
- It provides advisory and merchant banking services in this field.
- The projects with a capital cost of Rs 1 crore or above are generally eligible for assistance from TFCI. Smaller projects would also be considered.
(d) TFCI has sanctioned assistance to 2003 projects aggregating to Rs 5.2 billion during the last five years, resulting in more than 12,217 hotel rooms and direct employment to 22,938 people.
Values:
- Universal and equality
- Resourcefulness
- Services to others
- Readiness to cooperate
- National awareness
- Employment opportunities
- Fulfilling the needs of the people
- Helpfulness and contributing to entrepreneur for the growth of the country.
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