India’s Tourism Sector Set to Reach $24 Billion in 2024

By Netpal Travel Bureau

According to the India Brand Equity Foundation, India’s travel and tourism industry is poised to generate nearly $24 billion in revenue by 2024. With an expected annual growth rate of 9.6% through 2028, the sector is forecasted to expand to a market size of $34.25 billion.

Revenue Trends: In 2023, the tourism industry in India recorded approximately $20 billion in revenue, primarily driven by hotels. However, the focus is projected to shift in 2024, with package holidays anticipated to become the leading revenue contributor.

Boosting Tourism Efforts: India continues to prioritize tourism development efforts, including facilitating 100% foreign direct investment in tourism-related ventures. Significant improvements in road, rail, and air transportation infrastructure are also being implemented, including the construction of new highways, high-speed trains, and regional airports nationwide.

Radisson Expands in Odisha: Radisson Hotel Group has opened the Pramod Lands End Resort in Gopalpur, Odisha, marking its entry into the state.

Fly91’s Expansion: Fly91, India’s newest airline, is expanding its route network to include new connections between Goa and Agatti in Lakshadweep, as well as between Goa, Jalgaon in Maharashtra, and Hyderabad.

ITC Hotels’ New Property: ITC Hotels has introduced Storii by ITC Hotels, The Kaba Retreat in Solan, Himachal Pradesh, targeting experiential travelers.

Delhi Airport Terminal Conversion Update: The conversion of Delhi Airport’s Terminal T2 into an all-international terminal, originally scheduled for 2024, has been postponed until April 2025. This decision aims to ensure continuous operation across all terminals during the winter season, learning from past disruptions due to infrastructure maintenance.

These developments underscore India’s dynamic tourism landscape and its strategic initiatives to enhance infrastructure and expand tourism offerings across diverse destinations.

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