The travel and tourism sector is expected to contribute US$ 201.37 billion (Rs. 16.5 trillion) to India's economy by 2023: World Travel & Tourism Council

The value of the travel and tourism sector's contribution to the Indian economy in 2022 was US$ 190 billion (Rs. 15.7 trillion) and is expected to reach US$ 201.37 billion (Rs. 16.5 trillion), by the end of 2023, according to figures from the World Travel & Tourism Council (WTTC).

The projection is worth a staggering roughly US$ 451.56 billion (Rs. 37 trillion) over the following ten years. On its current course, India should be able to accomplish this, says President and Chief Executive Officer, World Travel & Tourism Council (WTTC), Ms. Julia Simpson. She further mentioned that in 2022, there were 37.2 million people employed in the travel and tourism sector in India. By the end of this year, it is expected that 39 million people will be employed in this sector. The WTTC expects travel and tourism to grow at double the rate of global gross domestic product (GDP).

Ms. Julia Simpson also quoted that the expected value of domestic tourist spending in India in 2022 was US$ 150.11 billion (Rs. 12.3 trillion), while the estimated value of overseas visitor spending was US$ 19.53 billion (Rs. 1.6 trillion). According to WTTC, this year's international spending could reach US$ 24.41 billion (Rs. 2 trillion), while domestic spending will likely total US$ 153.78 billion (Rs. 12.6 trillion). Domestic spending is projected to be US$ 350.26 billion (Rs. 28.7 trillion) over the next ten years, while international spending would total US$ 50.04 billion (Rs 4.1 trillion).

She also mentioned that the WTTC brings together 200 of the top global world travel and tourism Chief Executive Officers (CEOs) and the industry body operates in ‘every’ area of travel and tourism. Hotels, airports, airlines, cruise lines, and all significant wholesalers are included in this. We speak for the sector. The World Travel and Tourism Council (WTTC) has been quantifying the worth of travel and tourism for the past 30 years in terms of its economic contribution to both the global economy and the economies of 185 different countries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.