Of the 940 million international tourist arrivals worldwide india accounted for 59 percent placing the country in 40th place in the rank of foreign tourists worldwide. Total contribution by travel and tourism sector to indias gdp is expected to increase from rs 1524 trillion us 23403 billion in 2017 to rs 3205 trillion us 49221 billion in 2028.
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Tourism in india is important for the countrys economy and is growing rapidly.
Economic growth of tourism in india. According to the indian ministry of tourism more than 55 million foreign tourists visited india in 2010 representing an annual growth rate of 81 percent. Fortunately for india the ministry of tourism of the central government and the departments of tourism of the different state governments are jointly trying to make all possible attempts to attract the tourists to this country. India witnesses more than 5 million annual foreign tourist arrivals and 562 million domestic tourism visits.
Tourism is one of the fastest growing service industry in the country with great potentials for its further expansion and diversification. The sector is predicted to grow at an annual rate of 69 to 3205 lakh crore by 2028. As mentioned earlier india is a vast country of great beauty and diversity and her tourist potential is equally vast.
It can be regarded as a mechanism of generating the employment as well as income in both formal and informal sectors khalil 2007. This chapter evaluates the role of tourism for economic growth of india. This study investigates relationship between tourism and economic growth in india by considering the relative importance of financial development over the period of 19602014.
Tourism and hospitality sector contributes 68 in indias gdp. For a country with 30 world heritage sites and a rich culture tourism and hospitality industry has great potential to enhance tourist flow and accelerate economic growth due to multiplier effect of tourism on job creation. Tourism in india has a strong relevance to economic development cultural growth and national integration.
It benefits the people living in and around tourist centers financially. India has been recognized as a destination for spiritual tourism for domestic and international tourists. Economic importance of tourism in india.
The world travel and tourism council calculated that tourism generated 1691 lakh crore or 92 of indias gdp in 2018 and supported 42673 million jobs 81 of its total employment. Developing country like india tourism has become one of the major sectors of the economy contributing to a large proportion to gdp and employment opportunities. Present situation and features of tourism in india.
In october 2015 indias medical tourism sector was estimated to be worth us3 billion and it is projected to grow to us78 billion by. Growth and development of indian tourism industry 15 tourism activities are considered to be one of the major sources of economic growth. Travel and tourism is.
Today tourism is the largest service industry in india with a contribution of 623 to the national gdp and providing 878 of the total employment.
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