 "Tourism")
India's tourism industry is on track to reach USD 1 trillion by 2047, with data-led tourism set to be a key driver of growth, according to a report.
The report by digital payments player Visa Inc. and professional services firm EY titled "Charting the Course for India Tourism Megatrends Unpacked," takes a long-term view of India's tourism industry, beyond the pandemic's impact, and identifies mega-trends expected to shape the sector over the next decade.
It highlighted that international tourists in India spend 26x more than domestic, hence attracting global visitors is key.
Commenting on the report, Sandeep Ghosh, Group Country Manager for India & South Asia, Visa said, The projected growth of India's tourism industry to reach USD 1 trillion by 2047 is an exciting opportunity for the country. By aggregating and utiliing data from various stakeholders, such as payment service providers and private tour operators, we can help create a more resilient and sustainable tourism ecosystem for India".
He observed that the report's findings demonstrate that the key to building a robust future for India's tourism industry is through data-driven insights.
Pragyal Singh, Partner, Business Consulting, EY India, said, the travel & tourism industry is a major contributor to economic development and job creation in the world and tourism in India is also poised to grow rapidly across various segments.
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She said there is a need to understand the megatrends affecting the tourism sector over the next decade and for the entire ecosystem to collaborate for ensuring the economic benefits of this growth are realized.
The report identifies Sustainability, Enabling Technologies, and Evolving Tourist Preferences as the main disruptive forces driving tourism.
Sustainable tourism experiences and offerings are in high demand worldwide, and this trend is likely to continue in the future.
At present, the global sustainable tourism market is valued at USD 180 billion. In India, this is valued between USD 26 million- USD 2.5 billion and is expected to grow at 15 per cent CAGR.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
