Tourism generates nearly US $200 billion accounting for 7% of India’s GDP
By 2028, Tourism & Hospitality is expected to touch US$ 460 billion.
India ranks 3rd in WTTC Travel & Tourism Power and Performance list and 10th among 185 countries in terms of travel & tourism’s total contribution to GDP in 2019.
The Ministry of Tourism has sanctioned US$ 211.35 million for 18 projects under Swadesh Darshan and PRASHAD schemes in order to develop and promote tourism in the North-Eastern region.
US$ 75 million has been invested by Airbnb in addition to a few other major investments in Indian holiday-accommodation aggregator OYO rooms and hotels. The company is currently valued at US$ 8 billion.
By 2022, international hotel chains will account for approximately 50% share of the tourism and hospitality sector in India.
The E-visa facility has been extended to nationals of 169 Countries under 5 sub-categories. Tourist arrivals through e-visa increased 58.8% year-on-year to 1.457 million between January and November 2017.
Tourism has been a significant economic multiplier, especially in India ‘s service sector where it accounts for over 8.78 % of the total workforce. Rural, Adventure, Medical, Pilgrimage, Film and Eco-Tourism are the top emerging segments in the sector. By 2028, Tourism & Hospitality is expected to touch US$ 460 billion. India ranks 3rd in WTTC Travel & Tourism Power and Performance list and 10th among 185 countries in terms of travel & tourism’s total contribution to GDP in 2019.
Travel and Tourism is one of the largest Foreign Exchange Earners in India with a non-domestic inflow of $29.962 billion at an annual growth rate of 4.8% by 2019. Foreign tourist arrivals (FTAs) in India stood at 10.89 million in the year 2019. In this regard, the Incredible India initiative has spurred growth in tourist arrivals and created numerous business opportunities. Tourism has been an integral pillar of the Make in India programme, with food, beverage and accommodation being the primary avenues for potential business development.
Acknowledging the pivotal role played by tourism in India’s economy, the government has taken some significant measures to encourage the growth of the sector:
The dynamism in India’s tourism sector and the thrust towards further growth is reflected in some of the recent developments in the industry:
Equipped with an expansive geographical diversity, a plethora of world heritage sites, sustained institutional support, and unmatched tourist experience, India has the capacity to secure a sizable segment of the world travel market and establish itself as a premier travel destination in the world.