India on the path to become 5th largest market in tourism industry

India on the path to become 5th largest market in tourism industry

Posted by Marine2Alpine on Wednesday, 27th December 2023.

India is one of the leading countries in terms of international tourism expenditure, with a total contribution of about 122 billion U.S. dollars to the country’s GDP. The travel and tourism industry in India is projected to grow at a CAGR of over 7.5% to reach $86 billion by 2023, on account of growing domestic and foreign tourist footfall and increasing number of religious and leisure trips.

India is poised to become the next big travel market in the world, projected to hit the fifth rank in outbound travel with spends of $89 billion in 2027 as compared with the current 10th position with $38 billion in 2019.

In outbound travel, India will be behind only the US, China, Germany and the UK but ahead of Italy, South Korea, and Australia.  

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