FACILITATING FOREIGN DIRECT INVESTMENTS IN INDIAN BUSINESS AND INDUSTRY

FDI Manager : Foreign Direct Investments Into India
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Tourism Industry In India - FDI Manager

Tourism Industry In India

An Overview

The Indian tourism market is fast-growing with immense potential due to the country's rich cultural and geographical diversity. It is one of the major sectors contributing to GDP of the country and is driven by steady economic growth. The Travel services and Hotel segments are expected to drive growth of the industry in 2019, growing at a rate of 12% and 13.2%.


India has been promoting tourism under the Incredible India 2.0 campaign and has been conducting road shows and other marketing campaigns, while the states have also been promoting tourism state-wise under separate campaigns similar to the Incredible India campaign. Also, due to the continuous growth in number of tourists from both domestic and international markets, and an increasing demand for unique experiences by different tourist segments, especially millennial tourists, the industry is seeing a shift from destination-based tourism to experience-based tourism and development of niche tourism products and services for tourists.

  

Tourism is an integral pillar of the Make in India program. Tourism plays a role of significant economic multiplier and becomes critical since India has to grow at rapid rates and create jobs.

India offers geographical diversity, world heritage sites and niche tourism products like cruises, adventure, medical, eco-tourism, etc. Incredible India has spurred growth in Tourists Arrivals and Employment.


India has moved 13 positions ahead from 65th to 52nd rank in Tourism and Travel Competitive Index (WEF); UNWTO Tourism Barometer (2016) currently ranks India at #40 in terms of global tourist footfalls.

Tourism tends to encourage the development of multiple-use infrastructure including hotels, resorts & restaurants, transport infrastructure (aviation, roads, shipping & railways) and healthcare facilities. Five tourism mega economic zones were announced in the previous budget to attract global tourism players to India and also drive the tourism sector's contribution to GDP.

By 2028, Tourism & Hospitality is forecasted to earn $ 50.9 bn as visitor exports compared to $27.3 bn earned in 2017


By 2028, direct contribution to employment is expected to grow to 5.3% of the total employment from the current contribution of 4.9% in 2017

By 2030, India is expected to be among the top five business travel market

100% FDI allowed under automatic route

100% FDI allowed in tourism construction projects, including the development of hotels, resorts, and recreational facilities


Tourism Industry is poised for $460 bn contribution to India's GDP by 2028  

Travel and Tourism being the largest service industry in India was worth $234 bn in 2018. The industry has become the third-largest Foreign Exchange Earner in India with a 17.9% growth in Foreign Exchange Earnings (in rupee terms) in March 2018 over March 2017.

According to The World Travel and Tourism Council (WTTC), tourism generated $240 bn or 9.2% of India’s GDP in 2018 and supported 42.67 mn jobs which is 8.1% of its total employment.

The sector is predicted to grow at an annual rate of 6.9% to $460 bn by 2028 which is 9.9% of GDP.

FTAs in April 2019 were 7,71,353 viz-a-viz 7,45,051 in April 2018 registering a growth of 3.5%. Further to this, FTAs during the period January-April 2019 were 39,35,293 viz-a-viz 38,60,871 in January- April 2018 registering a growth of 1.9%. 

During April 2019 total of 2,01,137 tourist arrived on e-Tourist Visa as compared to 1,57,094 during the month of April 2018 registering a growth of 28.0%. Further to this, during January- April 2019, a total of 11,08,665 tourist arrived on e-Tourist Visa as compared to 9,18,792 during January-April 2018, registering a growth of 20.7%.



Government Initiatives

The Indian government has realized the country’s potential in the tourism industry and has taken several steps to make India a global tourism hub.

Some of the major initiatives planned by the Government of India to give a boost to the tourism and hospitality sector of India are as follows:

  • Statue of Sardar Vallabhbhai      Patel, also known as ‘State of Unity’, was inaugurated in October 2018. It      is the highest standing statue in the world at a height of 182 metre. It      is expected to boost the tourism sector in the country and put India on      the world tourism map.
  • The Government of India is working      to achieve 1 per cent share in world's international tourist arrivals by      2020 and 2 per cent share by 2025.
  • Under Budget 2019-20, the      government allotted Rs 1,160 crore (US$ 160.78 million) for development of      tourist circuits under Swadesh Darshan.
  • Under Budget 2019-20, the      government allotted Rs 160.50 crore (US$ 22.25 million) for development of      tourist circuits under Swadesh Darshan.

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