India's Travel & Tourism Sector Set for Strong Recovery, WTTC Predicts

June23.The World Travel & Tourism Council (WTTC) has released its 2023 Economic Impact Research (EIR), revealing a strong recovery for India's Travel & Tourism sector. The findings were presented by Julia Simpson, President & CEO of WTTC, at the G20 Summit in India, highlighting the sector's resilience and its significant contribution to the country's economy. The research indicates that the sector is on track to nearly reach its pre-pandemic peak this year, with forecasts showing promising figures in terms of economic impact, job creation, and visitor spending.



Key Points:

1. Economic Contribution: WTTC predicts that India's Travel & Tourism sector will contribute INR 16.5 trillion to the economy in 2023, just 3.5% below the 2019 levels. This indicates a strong recovery and highlights the sector's robust growth rate compared to the overall GDP, not only in India but across all G20 nations.

2. Job Creation: The sector is expected to create over 1.6 million additional jobs this year, almost recovering all the jobs lost due to the COVID-19 pandemic. This would bring the total number of jobs in the Travel & Tourism sector to nearly 39 million in India, with approximately one in 13 workers employed in the sector.

3. Visitor Spending: International visitor spend in India is forecasted to surpass INR 2 trillion, while domestic visitor spend is projected to exceed INR 12.6 trillion in 2023. These figures indicate a significant contribution to the economy and highlight the potential for growth in the tourism sector.

4. Future Outlook: WTTC forecasts that by 2033, India's Travel & Tourism sector will contribute approximately 7% of the country's economy, reaching INR 36.8 trillion. It is also expected to employ over 58.2 million people, with one in 10 jobs in the country being in the sector.

5. Asia-Pacific Region: The report also provides insights into the Asia-Pacific Travel & Tourism sector, which contributed USD $1.6 trillion to the regional economy in 2022. The sector is forecasted to reach more than USD $2.6 trillion in GDP contribution in 2023, representing a recovery of 16% from the 2019 peak. Job recovery is expected to be achieved by the end of 2024.


Conclusion:

WTTC's research indicates a strong recovery and positive growth prospects for India's Travel & Tourism sector. The sector's resilience, job creation potential, and significant contribution to the economy underscore its importance in driving economic recovery and sustainable development. The findings presented at the G20 Summit highlight the opportunities and challenges facing the sector and emphasize the need for governments to prioritize reliable energy and sustainable aviation fuel production to support its growth in the coming years.


Note: This article provides a summary of the WTTC's findings and does not reference specific details about the Titan submersible incident or recent developments.

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