Indian travel market to reach USD 125bn by FY27
The travel market in India is projected to reach USD 125 billion by FY27 from an estimated USD 75 billion in FY20. India’s tourism industry in 2020 accounted for 31.8 million jobs, which is likely to grow to 53 million jobs by 2029 and international tourist arrivals are expected to touch 30.5 billion by 2028. All these are findings of a new report by FICCI.
According to the latest UNWTO World Tourism Barometer, which the FICCI report cited, international tourism saw a 182% year-on-year increase in January-March, with destinations worldwide welcoming an estimated 117 million international arrivals compared to 41 million in Q1 2021.
Before the onset of the pandemic, the Indian travel and tourism industry was expected to witness an annual growth rate of 6.9% during 2019-2028 to reach $460 billion, approximately 9.9% of India’s GDP in 2028, states Mint.
The total contribution of travel and tourism to the GDP in India in 2019 was 7% of the total economy or ₹15,792 billion. This plummeted to 4.3% or ₹9,167 billion in 2020. In 2021, the figure did pick up to 5.8% or ₹13,161 billion. (Source: Mint)