Compiled by Akash Sinha
As statistics proved, India has always been a large market of travel and tourism industry. India Tourism offers a diverse range of products like cruises, adventure, medical, wellness, sports, MICE (Meetings, Incentives, Conventions and Exhibitions), eco-tourism, films, rural and religious tourism. The 7th largest nation in the world has already been recognized as spiritual tourism destination for both domestic and international markets.
The total contribution by travel and tourism sector to India’s GDP is expected to get boost from Rs 15.24 lakh crores (US$ 234.03 billion) in 2017 to Rs 32.05 lake crores (US$ 492.21 billion) in 2028. India has also ranked 7th among 184 countries, in terms of travel & tourism’s total contribution to GDP in 2017 as it is the third largest foreign exchange earner of the country. Between January – May 2018 FEEs from tourism increased by 14.3 per cent year-on-year to US$ 12.51 billion. Foreign Tourist Arrivals (FTAs) increased figures of 8.8 per cent year-on-year to 4.48 million in the same period. The total employment in the tourism sector has been on the expectation for rising to 52.3 million jobs by 2028. The Indian Government has set a target of 20 million foreign tourist arrivals and double the foreign exchange earnings, with 2020 being its deadline.
In 2017, foreign tourist arrivals in India stood at 10.177 million and reached 4.48 million in January-May 2018, showing a marvelous growth rate of 8.8 per cent year-on-year. The growth in tourist arrivals has been due to flexible government policies, improved rail and road infrastructure, ease in availability of e-visas to foreign tourists. The Indian Government has set a target of 20 million foreign tourist arrivals by 2020 and double the foreign exchange earnings as well, along with working to achieve 1 per cent share in world’s international tourist arrivals by 2020 and 2 per cent share by 2025.
During 2017, India earned foreign exchange of US$ 27.69 billion from tourism. Foreign Exchange Earnings (FEEs) in January-May 2018 were pretty close to US$ 12.51 billion, showing a year-on-year growth rate of 14.3 per cent. FEEs from tourism in India witnessed growth at a CAGE of 9.97 per cent during 2006-17. The number of tourists from India is expected to reach 50 million by 2020, according to the World Trade Organization. This rapid increase in outbound tourism from India is going to benefit Forex providers in the country.
Domestic travel revenues are estimated at Rs US$ 186 billion in 2017 and are anticipated to further increase to US$ 405.8 billion by 2028.
Indian tourism has prevailed among other nation tourism’s, over the past years. With the rapid growth and increment in this sector, tourists from all over the world have taken deep interest towards this major nation of the Indian sub-continent.