Vibrant Comeback for India's Travel and Tourism Industry, Led Primarily by Domestic Visits
In the vibrant landscape of South Asia, the Travel & Tourism sector is poised for significant growth, according to the latest economic forecasts.
India, Sri Lanka, and the Maldives are predicted to contribute the highest annual economic value through tourism and travel in South Asia this year. Notably, the Maldives is showing strong growth rates in tourism revenue.
Domestic visitor spending in India is projected to continue growing this year, with a 9.6% increase to reach more than INR 16TN by the end of 2024. International visitor spending in India is expected to grow more than 17%, to reach INR 2.85TN by the same period.
Across South Asia, Travel & Tourism will contribute INR 25.1TN this year, with jobs supported by the sector reaching 54.77MN by the end of 2024. In India, the sector is forecast to contribute almost INR 21.15 TN to the Indian economy by the same year, a 21% increase from 2019.
Jobs in Travel & Tourism are predicted to increase by 2.45MN in India this year, equivalent to one in 11 jobs. With the right government support, the sector could grow its annual GDP contribution to INR 43.25TN by 2034, representing 7.6% of the Indian economy, and could potentially employ almost 63MN people across the country.
The Indian Government's ambition is to facilitate 100MN inbound tourists at the 100th anniversary of India's independence in 2047, as part of the 2047 vision. The World Travel & Tourism Council's (WTTC) 2024 Economic Impact Research, which provides further insights into these predictions, can be found on the WTTC Research Hub.
International visitor spending in South Asia is anticipated to reach INR 3.8TN this year, a testament to the region's growing appeal as a tourist destination. As the sector continues to thrive, South Asia is set to reap the benefits in terms of economic growth and job creation.
