India received USD 17.96 billion in foreign direct investment for 2023-2024, with 11.54 billion attributable to FDI equity. The travel and tourism industry is expected to earn USD 23.72 billion in sales in 2024, with a CAGR of 9.62 percent. 100% of FDI will go towards tourism projects, with Prime Minister Narendra Modi focusing on protecting India’s cultural legacy and building top-notch facilities. The industry is expected to employ 137 million people and contribute $250 billion to the nation’s GDP by 2030.
For the fiscal year 2023–2024, India received a total of USD 17.96 billion in foreign direct investment (FDI), of which USD 11.54 billion was attributable to FDI equity. This declaration is made as the country moves to strengthen its tourism sector and establish it as a key driver of job creation and economic development.
Based on forecasts by the India Brand Equity Foundation (IBEF), the travel and tourism industry in India is expected to earn USD 23.72 billion in sales in 2024, with a predicted annual growth rate (CAGR 2024-2028) of 9.62 percent.
By 2028, the market size is projected to reach USD 34.25 billion because of this development trajectory.
In order to promote growth and development in the tourist industry as of 2023, India stated that 100% of Foreign Direct Investment (FDI) will go toward projects linked to tourism, such as the construction of hotels, resorts, and recreational facilities, according to Invest India.
India’s efforts in the tourist industry, according to Prime Minister Narendra Modi, are focused on protecting its rich cultural legacy and building top-notch facilities for travelers.
This declaration is made as the country moves to strengthen its tourism sector and establish it as a key driver of job creation and economic development.
India’s tourism industry is broad, but the package travel sector is growing at the fastest rate, with a forecast value of USD 10.48 billion in 2024.
Users in the package vacations market are predicted to surge to 64.74 million by 2028, with a user penetration rate rising from 7.8% in 2024 to 10.0% in 2028.
By 2028, the average revenue per user (ARPU) in this market is predicted to reach USD 209.70, with online sales accounting for 60% of the total revenue generated by India’s travel and tourist industry.
India’s tourism sector is changing in line with international trends, emphasizing the promotion of eco-friendly and sustainable travel choices to attract tourists.
Estimates suggest that by 2030, the industry will employ 137 million people and contribute USD 250 billion to the nation’s GDP, making it a prime candidate for major growth.
On March 7, 52 tourism-related projects totaling over Rs 1400 crores were dedicated and inaugurated by Prime Minister Narendra Modi as part of the Swadesh Darshan and PRASHAD Scheme.
With an emphasis on improving tourist experiences and encouraging local people to participate in tourism efforts, these projects cover a variety of components of the development of tourism infrastructure, such as pilgrimage sites, historical attractions, and recreational facilities.
Prime Minister Modi also launched innovative programs and initiatives at the event, such as the “Chalo India Global Diaspora Campaign” and “Dekho Apna Desh People’s Choice 2024,” with the goal of promoting development in the tourist industry.
With the help of these programs, the public and the Indian diaspora will be encouraged to promote travel and highlight India’s many attractions and rich cultural legacy.
The government’s dedication to community involvement in tourist initiatives and integrated destination development is shown by the redesigned Swadesh Darshan 2.0 Scheme.
Driven by factors like world-class infrastructure development, an emerging technological environment, and growing disposable incomes, India’s tourism sector is set for exponential expansion, positioning the country to become a top global tourist destination.
India is poised to realize its enormous potential and establish itself as a top vacation destination for tourists from all over the globe via clever collaborations, creative marketing campaigns, and coordinated efforts toward sustainable tourism.
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