Indian tourism industry expected to grow USD 460 billion by 2028: Invest India

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New Delhi (NVI): Travel and Tourism– the largest service industry in India — is expected to grow by USD 460 billion by 2028 which is 9.9% of the GDP, according to Invest India.

Travel and Tourism industry was worth USD 234 billion in 2018.

The industry has become the third-largest Foreign Exchange Earner in India with a 17.9% growth in Foreign Exchange Earnings (in rupee terms) in March 2018 over March 2017.

According to The World Travel and Tourism Council (WTTC), tourism generated USD 240 billion or 9.2% of India’s GDP in 2018 and supported 42.67 million jobs which is 8.1% of its total employment.

The sector is predicted to grow at an annual rate of 6.9% to USD 460 billion by 2028 which is 9.9% of GDP.

According to Invest India, tourism plays a role of significant economic multiplier and becomes critical since India has to grow at rapid rates and create jobs.

India offers geographical diversity, world heritage sites and niche tourism products like cruises, adventure, medical, eco-tourism, etc.

Incredible India has spurred growth in Tourists Arrivals and Employment.

India’s ranking in the Travel and Tourism Competitive Index (TTCI) of World Economic Forum moved from 52nd position in 2015 to 40th position in 2017.

Now India has moved up by another 6 positions and ranked at 34th position in 2019.

Tourism tends to encourage the development of multiple-use infrastructure including hotels, resorts & restaurants, transport infrastructure (aviation, roads, shipping & railways) and healthcare facilities.

By 2028 it is forecasted that Tourism & Hospitality is to earn USD 50.9 billion as visitor exports compared to USD 28.9 billion earned in 2018

By 2029, Travel & Tourism will account for nearly 53 million jobs as compared to the 43 million jobs directly in 2018 (8.1% of total employment)

And by 2030, India is expected to be among the top five business travel market

FTAs in April 2019 were 7,71,353 which is 7,45,051 in April 2018 registering a growth of 3.5%.

Further to this, FTAs during the period January-April 2019 were 39,35,293 which is 38,60,871 in January- April 2018 registering a growth of 1.9%.

During April 2019 total of 2,01,137 tourist arrived on e-Tourist Visa as compared to 1,57,094 during the month of April 2018 registering a growth of 28.0%.

Further to this, during January- April 2019, a total of 11,08,665 tourist arrived on e-Tourist Visa as compared to 9,18,792 during January-April 2018, registering a growth of 20.7%.