TOURISM INDUSTRY: YET TO TAKE OFF INTO SELF-SUSTAINED GROWTH
- Credit Rating Agency in India
- Industry Report
- TOURISM INDUSTRY: YET TO TAKE OFF INTO SELF-SUSTAINED GROWTH
India’s vibrant tourism sector is a key driver of economic growth, providing a kaleidoscope of landscapes, cultures, and experiences to global travellers. While positioned at 22nd in the world’s most visited countries, the nation’s potential for moving up the ladder in tourism industry is humungous. Travel and tourism are important economic activities in most countries around the world. The travel and tourism (T&T) industry has a significant direct and indirect impact on the economy.
The direct impact of the industry reflects the spending on tourism-related activities such as hotels, airlines, airports, travel agents, and leisure and recreation services, while the indirect impact measures the jobs supported by this spending. In other words, tourism contributes significantly to India's GDP, creates productive employment across sectors, promotes cultural understanding and exchange, and facilitates infrastructure development throughout the country.