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As Pat Conroy has aptly put it, “Once you have travelled, the voyage never ends, but is played out over and over again in the quietest chambers. The mind can never break off from the journey.”
Owing to the rich cultural and historical heritage and the wide range of ecological diversity found in every nook and country of the nation India, the travel and tourism sector of the nation has been growing at a very fast pace since the past few years. Not only has it reaped to us the benefits of getting bigger forex reserves but has also been a major provider of employment for the masses.
MARKET SIZE AND GROWTH:
Amounting to 8% of the total employment generation in the country the sector has been useful in providing substantial jobs and means of sustenance to 41.6 million people in India itself. And this figure is expected to leap to 52 million by 2028, thereby indicating that from here there is no looking back for the travel sector. Currently contributing 9.6% to the total GDP of the country, this booming sector of today is estimated to seize a market of 147.96 billion dollars by the end of the next four years.As per the Department of Industrial Policy and Promotion (DIPP), during the period April 2000-June 2018, the hotel and tourism sector attracted around 11.39 billion dollars of FDI. On one hand, the traditional industries such as wholesale trade, retail, construction and agriculture have been lagging behind in terms of progress and growth, but on the other, comes one of the fastest growing sectors of the economy- the travel sector that has become a significant pillar in the country’s development and growth.
REASONS BEHIND THE GROWING SUCCESS:
The magnificent diversity spanning from Kashmir to Kanyakumari, from Gujarat to Arunachal Pradesh is definitely one of the reasons resulting in the high growth rate of the tourism industry apart from the increasing private consumption expenditure and public infrastructure development.
But, alongside these, the government also in the form of various schemes and plans has played a major role in giving a boost to this sector as enlisted below:
- The Government of India has been putting in efforts to achieve a greater share amounting to total 1 percent in the world’s international tourist arrivals by 2020 and 2 per cent share by 2025.
- Under the Union Budget 2018-19, the government has allotted funds worthRs 1,250 crore (US$ 183.89 million) for the integrated development of tourist circuits under the SwadeshDarshan and Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD).
THE EXPANDING HORIZONS:
“If it continues on its current path, India is poised to be a world leader in business travel for decades to come, the growth rate of business travel in India is on par with other leading industries in the country showing once again business travel playing an important role as a driver of economic growth and jobs.” remarked Mr. Gaurav Sundaram, Global Business and Travel Association Foundation, India regional director.
The GTBA Foundation has also estimated that India, the tenth biggest market for tourism sector in the world as of today, will grow in leaps and bounds to become a global leader in the travel and tourism sector in the near future. Adding to this, the funds allocated and the further development programmes planned by the government to give an impetus to this sector surely indicate that the Indian travel industry has a long and glorious path ahead and definitely, one of the most lucrative avenues for entrepreneurs to invest their capital and toil into.
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