INDIAN TOURISM INDUSTRY AT A GLANCE IN 2022 - 2023
Travel and tourism are two of the largest industries in India, with a total contribution of about US$ 178 billion to the country’s GDP. The tourism sector in India is projected to contribute US$ 250 billion to the country’s GDP by 2030, generating employment for about 137 million individuals.
The travel market in India is projected to reach US$ 125 billion by FY27 from an estimated US$ 75 billion in FY20.pected to reach 30.5 by 2028.
US$ 2.1 billion is allocated to Ministry of Tourism in budget 2023-24 by the Union Government of India.
According to WTTC (World Travel and Tourism Council), India is ranked 10th among 185 countries in terms of travel & tourism’s total contribution to GDP.
The travel & tourism industry’s contribution to the GDP is expected to reach US$ 512 billion by 2028. In India, the industry’s direct contribution to the GDP is expected to record an annual growth rate of 7-9% between 2019 and 2030.
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 around US$ 20 billion and is projected to double in size by FY27.
The Indian hotel market including domestic, inbound and outbound was estimated at around US$ 32 billion in FY20 and is expected to reach around US$ 52 billion by FY27 due to a surging travel demand.
By 2028, international tourist arrivals are expected to reach 30.5 billion and generate revenue over US$ 59 billion.
