By 2024, India to have more than 13.34 million international tourists
The bygone year 2013 wasn’t as bright as one had expected. Most of the industries were crawling slow and hardly had anything to cheer about, excluding industries like Information Technology (IT) and Fast Moving Consumer Goods (FMCG) which had some patches of success throughout the year. India in particular was surrounded with the demerits of sky rocketing prices, the food inflation for most of the year was going on a higher limit; it touched a harrowing rate of 18%. This surely had the authorities worried and the common people struggling to even arrange their routine needs. Therefore, the tourism industry in the country also bared the burns of this uncontrollable inflation doing mere business all year.
However, the world is into 2014 and half of the year has passed. Since the start of the year expectations for all businesses have been on the higher end around the country. The Indian Travel and Tourism sector is no exception and it is expected to do much better as compared to the last year. The country is about to undergo major changes as the entire governing authority has switched sides and there are ought to be flips in the overall policies.
According to the World Travel and Tourism Council (WTTC), India is expected to fare well in the sector as its domestic tourism revenues are predicted to jump by 8.2%; this was only around 5.1% in the previous year. In addition it suggests that promotion of low-air fare carriers, enhancing domestic tourism and upgrading airports infrastructure are aspects which need to be concentrated on in order to pull up the numbers further. According to the council, the above stated factors along with other avid promotional activities of popular tourist destinations will be the growth drivers for the travel and tourism sector in India.
The sector is on road to post a growth of around 7.3% by the end of 2014 which is definitely a positive trend for the industry and much higher than the last year. As per the market research, branded travel products are in peak demand in the country as most traveler groups are youngsters and middle aged people who are regular followers of latest trending brands. The industry has contributed around 4.36 lakh crores INR to the total GDP till now this year whereas the same was only around 2.17 lakh crores INR which was only 2% of the GDP. The year 2013 witnessed revenues worth 1.1 lakh crores INR and this figure is estimated to have a hype of 2.9% for the year 2014. According to a study, the number of international tourists coming to India is predicted to touch 7.36 million by the finish of 2014 and the same is forecasted to reach a massive range of about 13.34 million by the end of 2024.
As per the details from leading travel companies from India and around, the introduction of automated visas (issuing electronic visas) to the G20 countries-India, China, UK, US and Brazil may add an extra income of $268 billion and 5 million new jobs.