The World Journey & Tourism Council’s (WTTC) 2023 Financial Influence Analysis (EIR) at present reveals India’s Journey & Tourism
sector is in robust restoration and will probably be inside touching distance of the pre-pandemic peak this yr.
Talking at present to Ministers on the G20 Summit in India, Julia Simpson, WTTC President & CEO, highlighted the sector’s resilience, rising at twice the speed of GDP not solely in India, however throughout all G20 nations.
WTTC analysis forecasts Journey & Tourism contributing INR 16.5TN to the Indian economic system this yr, simply 3.5% under 2019.
The sector is forecast to create over 1.6MN extra jobs this yr, recovering nearly all the jobs misplaced as a result of COVID-19 pandemic to succeed in nearly 39MN, with round one in 13 employees in India within the Journey & Tourism sector.
Worldwide customer spend in India is forecast to succeed in greater than INR 2TN with home customer spend forecast to succeed in greater than INR 12.6TN.
Julia Simpson, WTTC President & CEO, stated: “The G20 Presidency offers India with the chance to focus on the financial and social worth of Journey & Tourism, at a essential second for the worldwide economic system.
“Minister Reddy has proven nice management, rallying the G20 Ministers underneath the Goa Roadmap, displaying the world that Journey & Tourism boosts economies while assembly the UN Sustainable Growth Objectives.
“Journey & Tourism creates nice job alternatives, offering thrilling profession alternatives for younger folks to be a part of sustainable tourism underneath Journey for Life. WTTC has introduced a panel of personal sector leaders to the G20 to speak candidly concerning the alternatives and challenges dealing with the sector.
“Development will probably be double GDP, however we want governments to concentrate on dependable vitality and sustainable aviation gas manufacturing”.
A glance again on final yr
Final yr, the sector’s GDP contribution grew by nearly 90% to succeed in greater than INR 15.6TN, representing 5.9% of the economic system, edging nearer to the 2019 excessive of seven% of the economic system.
The sector additionally created 14.6MN extra jobs in 2022 to succeed in 37.2MN jobs nationally – one in 13 jobs throughout India.
Final yr additionally noticed a 125% improve in worldwide customer spending in India, attain greater than INR 1.6TN.
Home customer spend grew 86% final yr to succeed in greater than INR 12.3TN. It’s now simply 1% behind pre-pandemic ranges.
What does the subsequent decade appear like?
The worldwide tourism physique is forecasting that the sector will develop its GDP contribution to INR 36.8TN by 2033, roughly 7% of the Indian economic system and can make use of over 58.2MN folks throughout the nation, with one in 10 working within the sector.
Asia-Pacific
In 2022, the Asia-Pacific Journey & Tourism sector contributed USD $1.6TN to the regional economic system, however that is nonetheless 50% behind the 2019 peak. WTTC forecasts the area’s GDP contribution from the sector will attain greater than USD $2.6TN in 2023 – simply 16% under the 2019 highpoint.
The sector employed over 155MN folks throughout the area in 2022, a rise of 8.7MN from the earlier yr however nonetheless 15% behind pre-pandemic ranges. WTTC forecasts the sector will absolutely recuperate the roles misplaced in the course of the pandemic by the top of 2024.