INDIAN TOURISM INDUSTRY AT A GLANCE IN 2021 - 2022
Tourism is an important source of foreign exchange in India The covid pandemic took a heavy toll on the Indian Tourism Industry just like it did across the globe. However post covid things started looking up, particularly in 2021-2022.
India ranked 10th among 185 countries in terms of travel & tourism’s total contribution to GDP.
Tourism Forecast
By 2028, Indian tourism and hospitality is expected to earn US$ 50.9 billion as visitor exports compared with US$ 28.9 billion in 2018. The travel market in India is projected to reach US$ 125 billion by FY27 from an estimated US$ 75 billion in FY20. The Indian airline travel market was estimated at about US$ 20 billion and is projected to double in size by FY27.
The Indian hotel market including domestic, inbound and outbound was estimated at about US$ 32 billion in 2021 and is expected to reach to about US$ 52 billion by FY27. By 2028, international tourist arrivals are expected to reach 30.5 billion and generate revenue over US$ 59 billion.
Indian government has estimated that India would emerge with a market size of 1.2 million cruise visitors by 2030-31.
