Tourism Turns A Big Contributor To GDP Growth
BUSINESS ECONOMICS|September 16-30, 2018
Tourism Turns A Big Contributor To GDP Growth

Travel and tourism sector is fast becoming an important contributor to economic growth. According to a recent report by World Economic Forum (WEF) travel and tourism industry accounts for 10% of global GDP and about 10% of jobs.

Tushar K.Mahanti

A huge number of people are travelling around the world – be it for work needs or for leisure – and the number is rising steadily with international arrivals growing from 25 million in the 1950s to 1.2 billion in 2016 and to an estimated 1.8 billion by 2030. The industry is proving resilient to both geopolitical uncertainty and economic volatility

India’s tourism competitiveness index improves

India with its vast expanse of natural beauty, numerous historical monuments and age-old religious destinations is a front-runner to this growth. It has improved tremendously in travel and tourism competitiveness index, rising from 65th position in 2013 to 40th position last year among 185 countries in The Travel & Tourism Competitiveness Report 2017, prepared by WEF

Tourism has become a priority area in India for its ability to make a real difference to the lives of people by driving growth, creating jobs, reducing poverty and fostering development and tolerance. India offers a diverse portfolio of niche tourism products such as cruises, adventure, medical, wellness, sports, eco-tourism, spiritual and religious tourism. India has been recognized as a destination for spiritual tourism for domestic and international tourists. The country has everything – from over 7,000 km of coastline, rain forests, deserts and snowcapped mountains to temples, mosques, wildlife, tribal habitation and a multicultural population. India’s multidimensional culture and natural beauties seem to have been attracting foreign tourists in growing numbers.

Foreign tourist arrivals and forex earnings rise

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September 16-30, 2018