India's travel and tourism industry to grow by 7.3% in 2014; Intl visitors spent to slow to 2.9%
Updated: Mar 19, 2014 02:08:54pm
New Delhi, March 19 (KNN) India's travel and tourism industry is set to grow by about 7.3 per cent in 2014, however the growth in the amount international visitors spend in the country could slow to 2.9 per cent from 6.2 per cent in 2013, according to the World Travel & Tourism Council (WTTC) report.
According to the WTTC’s report Travel & Tourism Economic impact 2014, this year, revenue from domestic tourism is expected to grow 8.2 per cent compared with 5.1 per cent a year ago. The report further added that the increasing domestic travel, growth of low-cost airlines and upgrading of airport infrastructure will be the growth drivers.
"The picture in India in general terms is good. But in terms of the global forecast, it is much lower than other countries, like China, which grew at 9.2 per cent in 2013 (and is anticipated to grow at 8.3 per cent in 2014)," said president and CEO, WTTC, David Scowsill.
In 2013, India generated Rs 1.1 lakh crore from foreign visitors.
The figure is likely to grow by 2.9 per cent in 2014, according to the report. International tourist arrivals are expected to touch 7.36 million in 2014 and 13.43 million by 2024. Expenditure by foreign tourists in India is expected to grow 4.3 per cent every year to Rs 1.74 lakh crore in 2024.
In 2013, the travel and tourism industry contributed Rs 2.17 lakh crore or 2 per cent to the country's GDP. This is expected to rise to Rs 4.35 lakh crore in 2024. WTTC, which includes executives of travel companies as members, had said earlier that if five G20 countries (India, China, the US, the UK and Brazil) were to go electronic in their visas, the move could generate five million jobs and USD 268 billion income.
“The direct contribution of Travel & Tourism to GDP was Rs 2,178.1bn, 2.0 per cent of total GDP in 2013, and is forecast to rise by 7.5 per cent in 2014, and to rise by 6.4 per cent pa, from 2014-2024, to Rs 4,346.4bn, 2.1 per cent of total GDP in 2024,” the report said.
The total contribution of Travel & Tourism to GDP was Rs 6,631.6bn, 6.2 per cent of GDP in 2013, and is forecast to rise by 7.3 per cent in 2014, and to rise by 7.0 per cent pa to Rs13,983.0 bn, 6.8 per cent of GDP in 2024, the report added.
According to the report, the direct contribution of travel and tourism in employment in 2013 was 22,320,000 jobs that are 4.9 per cent of total employment. “This is expected to rise by 2.5 per cent in 2014 and rise by 2.1 per cent pa to 28,081,000 jobs that is 5.1 per cent of total employment in 2024,” the report said.
While, the total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry, was 7.7 per cent of total employment that is 35,438,500 jobs. “This is expected to rise by 2.7 per cent in 2014 to 36,409,000 jobs and rise by 1.9 per cent pa to 43,837,000 jobs in 2024 that is 7.9 per cent of total.”
Furthermore, the WTTC report said, “Visitor exports generated Rs1,110.9 bn that is 4.1 per cent of total exports in 2013. This is forecast to grow by 2.9 per cent in 2014, and grow by 4.3 per cent pa, from 2014-2024, to Rs1,745.8 bn in 2024 that is 2.1 per cent of total.” (KNN/SD)
According to the WTTC’s report Travel & Tourism Economic impact 2014, this year, revenue from domestic tourism is expected to grow 8.2 per cent compared with 5.1 per cent a year ago. The report further added that the increasing domestic travel, growth of low-cost airlines and upgrading of airport infrastructure will be the growth drivers.
"The picture in India in general terms is good. But in terms of the global forecast, it is much lower than other countries, like China, which grew at 9.2 per cent in 2013 (and is anticipated to grow at 8.3 per cent in 2014)," said president and CEO, WTTC, David Scowsill.
In 2013, India generated Rs 1.1 lakh crore from foreign visitors.
The figure is likely to grow by 2.9 per cent in 2014, according to the report. International tourist arrivals are expected to touch 7.36 million in 2014 and 13.43 million by 2024. Expenditure by foreign tourists in India is expected to grow 4.3 per cent every year to Rs 1.74 lakh crore in 2024.
In 2013, the travel and tourism industry contributed Rs 2.17 lakh crore or 2 per cent to the country's GDP. This is expected to rise to Rs 4.35 lakh crore in 2024. WTTC, which includes executives of travel companies as members, had said earlier that if five G20 countries (India, China, the US, the UK and Brazil) were to go electronic in their visas, the move could generate five million jobs and USD 268 billion income.
“The direct contribution of Travel & Tourism to GDP was Rs 2,178.1bn, 2.0 per cent of total GDP in 2013, and is forecast to rise by 7.5 per cent in 2014, and to rise by 6.4 per cent pa, from 2014-2024, to Rs 4,346.4bn, 2.1 per cent of total GDP in 2024,” the report said.
The total contribution of Travel & Tourism to GDP was Rs 6,631.6bn, 6.2 per cent of GDP in 2013, and is forecast to rise by 7.3 per cent in 2014, and to rise by 7.0 per cent pa to Rs13,983.0 bn, 6.8 per cent of GDP in 2024, the report added.
According to the report, the direct contribution of travel and tourism in employment in 2013 was 22,320,000 jobs that are 4.9 per cent of total employment. “This is expected to rise by 2.5 per cent in 2014 and rise by 2.1 per cent pa to 28,081,000 jobs that is 5.1 per cent of total employment in 2024,” the report said.
While, the total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry, was 7.7 per cent of total employment that is 35,438,500 jobs. “This is expected to rise by 2.7 per cent in 2014 to 36,409,000 jobs and rise by 1.9 per cent pa to 43,837,000 jobs in 2024 that is 7.9 per cent of total.”
Furthermore, the WTTC report said, “Visitor exports generated Rs1,110.9 bn that is 4.1 per cent of total exports in 2013. This is forecast to grow by 2.9 per cent in 2014, and grow by 4.3 per cent pa, from 2014-2024, to Rs1,745.8 bn in 2024 that is 2.1 per cent of total.” (KNN/SD)
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