The Indian travel and tourism industry expects fast recovery this year
Published on : Thursday, May 19, 2022
The Indian travel and tourism industry is a $121.9 billion market. The sector contributed 4.6 percent to GDP in 2020. Fast recovery is expected this year due to relaxing of restrictions The Indian travel and tourism industry is at the edge of noteworthy growth of 16 percent CAGR to $512 billion by 2029.
A report said that Indian eco-tourism was valued at $2.2 billion in 2019, and by 2028, it is expected to surpass $11.6 billion. The Indian Adventure Tourism valued at $0.3 billion in 2019 is expected to exceed $2 billion by 2028, increasing at 20 percent CAGR.Nevertheless, the segmentfaces a lot of challenges like limited implementation of safety guidelines, increasing unregistered tour operators and absence of physical infrastructure in a lot of remote regions, which requires attention to lure more foreign tourists.
Although domestic tourism in India has revived consistently with relaxed travel constraints, international tourism has not revived yetdue to restrictions on international flights to India that have now restarted. In the long run it is hoped that, increasing disposable incomes, more and more proclivity toward travel and propensity for adventure tourism, the government’s focus towardencouraging tourism and improving convenience to remote areas will provide an impetus for the Indian tourism sector. The report also says that domestic travelers are still the biggest contributors and reliable factor for Indian tourism.