INDIA’S tourism sector is witnessing a rapid growth surge, with projections indicating the industry will generate over Rs5,12,356 crore (US$59 billion) by 2028, according to a new report released by Capitalmind PMS.
The report cites rising disposable incomes, enhanced connectivity, and infrastructure improvements as key growth enablers.
Domestic tourism is expected to double from 2.5 billion visits in 2024 to 5.2 billion by 2030, growing at a CAGR of 13.4 per cent.
However, the report highlighted that India’s tourism and hospitality sector, while a key GDP driver, still trails global peers–2 per cent below the US and four per cent below Thailand in contribution to GDP.
As per the report, domestic visitor spending is projected to reach Rs33.95 trillion by 2034, up from Rs14.64 trillion in 2023, reflecting a CAGR of 7.9 per cent, per the WTTC’s Economic Impact Research 2024. Domestic air passenger traffic is also set to more than double from 307 million in FY24 to 693 million by FY30, the report added.
ANI
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