Tourism - #SectorUpdates
One of the main sources of foreign exchange is tourism. The significance of tourism as a tool for economic growth and job creation, particularly in isolated and underdeveloped areas, has long been understood on a global scale. The advantages of tourism can be improved by either increasing the number of visitors or their time spent in the nation. The nationality-wise data on duration of stay is very important and useful in the targeted promotion of tourism in the source markets of any nation. In the case of India, from an estimated $75 billion in FY20, the travel market in India is predicted to grow to $125 billion by FY27. In 2020, there were 31.8 million jobs in the tourism sector in India. By 2029, that number is projected to rise to 53 million, The Compound Annual Growth Rate (CAGR) in Foreign Tourist Arrivals in India from 2001 to 2020 was 8.45%. In 2020, out of the 2.74 million foreign tourist arrivals in India, the majority around 79.2% arrived by air, followed 19.3% by land and 1.5% by sea. And by 2028, we are predicted to have 30.5 billion foreign visitors.