India has huge potential for tourism as it offers plenty of opportunities for exploring its various aspects from adventure, medical, wellness, sports, MICE, and eco-tourism to film, rural and religious tourism. On this World Tourism Day, today let’s find out some of the key facts about this sector which not only provides huge employment opportunities but its share in the global GDP remains very high.
A very promising future for the Indian tourism sector:
India stood at the 34th spot in the Travel & Tourism Competitiveness Report 2019 published by the World Economic Forum.
It is expected that the earnings from the tourism and hospitality sector will rise to US$ 50.9 billion by 2028 as compared to US$ 28.9 billion in 2018.
The Indian airline travel market will also double in size by FY27 as compared to its present market share of US$ 20 billion.
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Also, the Indian hotel market will reach US$ 52 billion by FY27 as compared to US$ 32 billion in FY20.
In May 2022 the total Foreign Tourist Arrivals in India was 423,701 which was only 19,765 in May last year.
India received maximum tourists from the USA followed by Bangladesh, the UK, Australia, Canada, and Sri Lanka in May 2022.
Global tourism scenario:
The travel and tourism sector has a huge impact on the economy of the world, in the period before the Covid pandemic, it, directly and indirectly, accounted for 1 in 4 of all new jobs created across the world. It contributed to 10.3% of total global GDP (US$9.6 trillion) and international visitor spending amounted to US$1.8 trillion in 2019.
Due to the Covid fallout, a decline of 50.4% was reported in this sector following a loss of almost US$4.9 trillion in 2020. However, Travel & Tourism’s GDP contribution rose by US$1 trillion in 2021.
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While in 2019 it had a share of 10.3% of the total global GDP whereas in 2020 its share decreased to 5.3%. Its share improved and it showed an increase of 6.1 percent in 2021.
There was a loss of 62 million jobs, representing a drop of 18.6% in 2020. In 2019 it provided employment to 333 million people its share dropped to 271 million in 2020.
But in 2021, a total of 18.2 million jobs were recovered, representing an increase of 6.7% year-on-year.
Domestic visitor spending increased by 31.4% in 2021 after a steep decrease of 47.4% in 2020. Similarly, international visitor spending rose by 3.8% in 2021 following a massive decrease of 69.7% in 2020.
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