The contribution of travel and tourism industry in the world GDP stands at about 10.4% and in most nations with advanced travel & tourism, this industry contributes more than 13% to their respective GDPs. According to World Travel & Tourism Council, India is also on a high growth trajectory’ projected to grow by an estimated CAGR of 7.1% in terms of GDP contribution over next decade.
According to the World Travel and Tourism Council, India ranked 7th amongst 185 countries in term of travel and tourism sector’s total contribution to GDP in 2017. Tourism industry in the year 2017 contributed 9.4% of the GDP and generated 8% of the total employment in the country, thus making it a one of the largest industries in service sector.
Arrivals (FTAs) in India crossed the 10 million mark for the first time, standing at 10.1 mn with a growth of 15.6% over 2016. The Government of India has set out a target to increase India’s share of FTAs in international tourist arrivals to 1% of global tourist arrivals by 2020 and 2% by 2025.
Tourism sector is also one of the major sources of Forex, also termed as Foreign Exchange Earnings (FEEs). FEEs during 2017 were USD 27.69 bn with a growth of 17.0% over 2016.