Indian Travel and tourism industry to grow 7.5%
The Indian Travel and Tourism Industry will see a growth this year owing to the new visa reforms, according to a report by the World Travel and Tourism Council. The Indian Travel and Tourism economy will see a possible spurt of 7.5% in 2015, exceeding the 6.9% growth that is predicted for the South Asian region.
The industry contributed Rs. 7.64 trillion and 36.7 million jobs to the Indian economy in 2014. By the end of this year, these numbers will see a steep increase to Rs. 8.22 trillion or 7% of India’s GDP, and 37.4 million jobs, the report has said. “India has an excellent opportunity to benefit from visa reforms and infrastructure improvements under the new government,” David Scowsill, president and Chief Executive of WTTC, said in an interview. He added that India’s projected growth was the highest for any major economy.
Investment in the sector, too, is projected to rise by 9.3% in 2015, as compared to the 6.2% total investments in 2014. All in all, 2015 seems like a good year for the Indian Travel and Tourism Industry.
What other changes, according to you, could boost the travel industry even more? Leave your opinions in the comments section.