Travel and Tourism is an important sector as it helps in development of various sectors including trade, employment, entrepreneurship, etc.Domestic and foreign tourism gives fillip to country’s GDP and also opens up investment options.
The World Travel & Tourism Council (WTTC), in its 2015 Annual Economic Reports that cover 184 countries and 25 regions of the world, stated that travel & tourism generated US$7.6 trillion (10% of global GDP) and 277 million jobs (1 in 11 jobs) for the global economy in 2014.
In India, the direct contribution of travel and tourism to GDP was Rs 2,478.2 billion (2.2% of total GDP) in 2014, and is forecast to rise by 7.6% in 2015, and to rise by 7.2% pa, from 2015-2025, to Rs 5,339.2bn (2.5% of total GDP) in 2025.
When we compare it to China, the two South Asian nations are neck-and-neck in many areas but India still has a long way to dominate the global scenario.
Here’s a look:
(Cover image: Indiatimes)