Indias growth is mainly backed by the existing rich natural and cultural resources. Capitalising on that, our tourism sector has witnessed one of the fastest growth rates worldwide. The travel and tourism industry has proven its importance as an economic growth engine for the world economy. For nine continuous years, its growth rate had exceeded that of the global economy.
In 2019, it grew at 3.5% compared to the global GDP growth rate of 2.5%. Accounting for 10.3% of total GDP, the industry contributed $8.9 trillion to the global GDP and created approximately 330 million jobs, one in 10 that year. The tourism sector makes a significant impact on the economy of our country. Data released by the World Travel and Tourism Council (WTTC) reveals that in 2019, the tourism industry in India contributed $194 billion to our GDP.
Due to the impact of the Covid-19 pandemic on the global economy, the WTTC is estimating losses of up to $2.7 trillion, with up to 100 million jobs at risk. The travel and tourism industry in India might see up to 40 million job losses (both direct and indirect) and about $17 billion in revenue losses in the next one year. In order to overcome this, the government, industry and institutions must make joint efforts to create a supportive ecosystem for tourism.
https://www.newindianexpress.com/opinions/2020/nov/23/to-enhance-income-of-farmers-consider-agri-tourism-2226815.html
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Indias growth is mainly backed by the existing rich natural and cultural resources. Capitalising on that, our tourism sector has witnessed one of the fastest growth rates worldwide. The travel and tourism industry has proven its importance as an economic growth engine for the world economy. For nine continuous years, its growth rate had exceeded that of the global economy. In 2019, it grew at 3.5% compared to the global GDP growth rate of 2.5%. Accounting for 10.3% of total GDP, the industry contributed $8.9 trillion to the global GDP and created approximately 330 million jobs, one in 10 that year. The tourism sector makes a significant impact on the economy of our country. Data released by the World Travel and Tourism Council (WTTC) reveals that in 2019, the tourism industry in India contributed $194 billion to our GDP. Due to the impact of the Covid-19 pandemic on the global economy, the WTTC is estimating losses of up to $2.7 trillion, with up to 100 million jobs at risk. The travel and tourism industry in India might see up to 40 million job losses (both direct and indirect) and about $17 billion in revenue losses in the next one year. In order to overcome this, the government, industry and institutions must make joint efforts to create a supportive ecosystem for tourism. https://www.newindianexpress.com/opinions/2020/nov/23/to-enhance-income-of-farmers-consider-agri-tourism-2226815.html