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Growth of Indian Tourism Industry

StartupTalky

StartupTalky · 1y ago

Growth of Indian Tourism Industry

The tourism industry in India is experiencing significant growth post-pandemic, with Indian tourists expected to spend $410 billion by 2030, making India the fourth largest spender globally. In 2022, Indian tourists played a major role in the industry's recovery, reaching 78% of 2019 levels compared to 52% for Asia. The travel and tourism sector's contribution to India's GDP is predicted to increase to 7.8% in the next decade, with job opportunities in the sector reaching 53 million by 2029. The Indian tourism market is projected to grow from $75 billion in 2020 to $125 billion by 2027. The government has also supported the industry through various initiatives and investments.

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Interim Budget: Startups see big opportunity as tourism takes centre stage

Inc42 · 1y ago

Interim Budget: Startups see big opportunity as tourism takes centre stage

Indian startups in the travel, tourism, and hospitality sector are optimistic about expanding their user base and offerings following the Indian government's focus on promoting tourism. Finance Minister Nirmala Sitharaman announced plans to develop tourist centers, improve port connectivity, and enhance amenities on Indian islands. The government has increased the budget for the tourism industry by over 40% to INR 2,449.62 crore for FY25. Startups anticipate a surge in tourist numbers and believe the announcements will unlock India's tourism potential and boost the hospitality sector.

Quick getaways, spiritual quests fuel India's tourism: Booking.com's Houldsworth

Livemint

Livemint · 1y ago

Quick getaways, spiritual quests fuel India's tourism: Booking.com's Houldsworth

India's travel and tourism industry is experiencing strong growth propelled by a growing demand for frequent shorter trips, as well as expanding spiritual and wedding tourism. Indians are expected to travel more frequently and take shorter trips compared to the past. The rise of cultural and religious exploration in tier-two and three cities is driving domestic inbound travel. Some popular leisure destinations for domestic travel include Ooty, Srinagar, Manali, Darjeeling, and Goa. India is among the top five markets for Booking.com in the Asia Pacific region. Easier visa policies from short-haul destination countries are also contributing to the growth of the travel industry in India.

Tata Mutual Fund launches India’s first tourism thematic fund; should you invest?

Money Control

Money Control · 1y ago

Tata Mutual Fund launches India’s first tourism thematic fund; should you invest?

Tata Asset Management has launched the Tata Nifty India Tourism Index Fund, India's first domestic fund focused on the tourism theme. The open-ended passive scheme aims to replicate the performance of the Nifty India Tourism Index and will invest in the entire value chain of the tourism sector. The fund comprises 17 stocks including InterGlobe Aviation, Indian Hotels, Indian Railway Catering And Tourism Corporation, GMR Airports Infrastructure, and Jubilant Foodworks. India's growing middle class and significant investment in infrastructure are driving the surge in travel and tourism expenditure, making it an attractive investment opportunity. The fund will close on July 19.

Boeing Max deliveries are going to taper off. What about Akasa and AI Express?

Livemint

Livemint · 1y ago

Boeing Max deliveries are going to taper off. What about Akasa and AI Express?

Boeing's reduced production and Pratt & Whitney's inspection of engines on Airbus neos may result in a significant decrease in aircraft deliveries to Indian airlines next year. This development could affect the expansion plans of airlines such as Air India Express and Akasa Air, while the leading market player IndiGo awaits delivery of new Airbus 320 neo planes with inspected P&W engines. The delay in aircraft deliveries, coupled with bankruptcies and groundings in the industry, may setback India's aviation sector and potentially lead to higher airfares, impacting passenger growth and domestic tourism.

Retailers flock to religious destinations for new avenues of success

Livemint

Livemint · 1y ago

Retailers flock to religious destinations for new avenues of success

Large retailers are expanding their presence in religious destinations in India due to increased tourism and improved infrastructure. Retail brands across various segments, including fashion, food, and electronics, are tailoring their offerings to cater to the needs of pilgrims. This trend benefits both the retail industry and spiritual tourism, with cities like Amritsar, Varanasi, and Ayodhya witnessing significant growth. Enhanced connectivity and access to these destinations, along with online retail platforms, are further driving this retail boom. Hospitality companies are also capitalizing on the demand by opening new hotels in these cities.

UP Tourism invites entrepreneurs to set up Wellness Centres across the state

Economic Times

Economic Times · 2m ago

UP Tourism invites entrepreneurs to set up Wellness Centres across the state

Uttar Pradesh Tourism has launched an initiative inviting entrepreneurs to establish wellness centers and resorts, emphasizing holistic health, yoga, and traditional Indian healing practices. This move, aligned with the state's Tourism Policy 2022, seeks to promote wellness tourism, enhance employment opportunities, and position Uttar Pradesh as a leading destination for health and rejuvenation tourism. Key locations like Varanasi and Ayodhya have been earmarked for wellness infrastructure development, integrating spiritual and cultural tourism with AYUSH therapies.

Spending on outbound tourism to rise 11% annually to reach $55 billion in 2034: Report

Money Control

Money Control · 1y ago

Spending on outbound tourism to rise 11% annually to reach $55 billion in 2034: Report

According to a report by Nangia NXT and Ficci, spending on outbound tourism in India is predicted to reach $55.39 billion by 2034, growing from $18.82 billion in 2024. The report highlights the dominance of packaged tours in the outbound market, accounting for 39.20% of the market share in 2024. Factors such as availability of Indian food options and awareness of niche tourism are expected to contribute to the growth. The report also mentions the rising interest in international travel among India's young and urban population.

Travel demand takes off: Overseas tourism boards brace for 25% jump in bookings this December

Economic Times

Economic Times · 1m ago

Travel demand takes off: Overseas tourism boards brace for 25% jump in bookings this December

Travel companies and overseas tourism boards expect a significant rise in holiday bookings this December, with a projected 25% increase compared to the previous year. Improved air connectivity and strong leisure travel demand are driving this growth, notably in destinations like Thailand, which anticipates receiving 2.48 million Indian tourists by year-end. Travel firms report surges in travel bookings, with tier-2 cities and winter destinations gaining popularity. Despite geopolitical challenges, the travel industry sees positive consumer sentiment and robust demand.

India's tourism sector sector has the unique power to create jobs like no other: FAITH chairman Puneet Chhatwal

Economic Times

Economic Times · 5m ago

India's tourism sector sector has the unique power to create jobs like no other: FAITH chairman Puneet Chhatwal

India's tourism sector aims to reach a $3 trillion economy by 2047, as outlined by FAITH chairman Puneet Chhatwal. The sector plans to double its GDP contribution and create around 200 million jobs. Tourism is seen as a significant economic driver, capable of fostering employment and cultural unity. The national tourism conclave aims to assess progress and establish milestones. The industry hopes to boost foreign and domestic visits significantly, aligning with government visions.

Agoda partners with Goa government, global sustainable tourism council to promote sustainable tourism in India

OutlookIndia

OutlookIndia · 2y ago

Agoda partners with Goa government, global sustainable tourism council to promote sustainable tourism in India

Digital travel platform Agoda has partnered with the Government of Goa and the Global Sustainable Tourism Council (GSTC) to organize a Hotel Sustainability Training in Goa. The training aimed to provide hotel industry professionals with the knowledge and tools necessary to enhance their sustainability practices. Through sessions led by industry experts and the use of GSTC Industry Criteria, participants learned how to assess their current performance and set sustainable objectives. The initiative aligns with the Goa Roadmap and the vision of promoting responsible and sustainable tourism in India.

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