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Economic Contribution of the Travel Industry will Double in India in 10 Years
It is not a secret that the Travel and Tourism industry has an important role in the global economy and economies of countries in particular. According to the information provided by World Travel and Tourism Council (WTTC), the industry will develop particularly actively in some countries. For example, in India, the economic contribution of the industry will double until 2028. Within this period, the industry will also create approximately 10 million new jobs.
According to the information provided by WTTC, more than 52.3 million people will be in some way or another involved in the travel and tourism industry in India in 2028. At the moment, roughly 42.9 million people work in this industry. Naturally, that involves not only hotels in Mumbai or other Indian cities but also industries that in some way or another provide services for travelers.
The importance of this industry for the country is hard to overestimate as India is the largest travel and tourism economy in the world. The total contribution of this sector estimated US$234 billion last year, which is 9.4% of the economy in total. This sum includes both induced and indirect benefits. In ten years, the contribution is expected to double and reach a tremendous sum of US$492 billion.
The president of WTTC Gloria Guevara once again underlined the importance of the travel industry for economic growth and overall development of societies. Naturally, that is particularly important for growing economies, such as India. Moreover, the country tries to invite more foreign tourists to visit it. In order to stimulate international tourism, India has launched the new e-Visa program for 163 countries. The brand new Incredible India 2.0 Campaign is a new generation of the marketing program with an improved PR strategy. It can potentially help to bring more visitors to the country.
India has the potential to become the leading destination in the SAARC region. Of course, to boost tourism, the country needs to improve other industries involved into it, such as the aviation market. The latter has been developing drastically in the recent years. For example, Indian airlines have booked more than 900 new aircrafts to cope with the rising demand. The country also needs to develop secondary airports in provincial cities to make it more comfortable to reach different regions of the country.
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