Connect with us

Travel

India’s travel may surpass pre-pandemic levels by 2022 end, says WTTC


The put up India’s travel may surpass pre-pandemic levels by 2022 end, says WTTC appeared first on TD (Travel Daily Media) Travel Daily.

Research performed by the World Travel & Tourism Council (WTTC) has revealed the travel and tourism sector’s contribution to the Indian financial system may surpass pre-pandemic levels this yr, with a year-on-year progress of 20.7%. The forecast from the WTTC’s newest Economic Impact Report (EIR), exhibits the sector’s contribution to the nation’s financial system may attain virtually ₹15.9 trillion (U.S. $215 billion) in 2022, 1% above 2019 levels.

Employment levels are set to develop to virtually 35 million travel jobs, with an 8.3% progress this yr. Over the subsequent decade, India’s Travel & Tourism’s GDP is anticipated to develop at a mean of seven.8% yearly, in comparison with 6.7% of the India’s general financial system, to achieve virtually ₹33.8 trillion (U.S. $457 billion) – representing 7.2% of the entire financial system. The forecast additionally reveals the sector is anticipated to create over 24 million jobs over the subsequent decade, averaging greater than 2.4 million new jobs yearly.

Julia Simpson, WTTC President & CEO, mentioned: “After the pain suffered by India’s Travel & Tourism sector, the future looks bright with Travel & Tourism to and from India set to exceed 2019 levels. “The outlook for the next decade is looking very positive with India accounting for one in five of all new Travel & Tourism jobs globally.”

Before the pandemic, India’s Travel & Tourism sector’s contribution to GDP was 7% (₹15.7 trillion, U.S. $212 billion) in 2019, falling to simply 4.3% (₹9.2 trillion, U.S. $124 billion) in 2020, which represented a stunning 41.7% loss.

The put up India’s travel may surpass pre-pandemic levels by 2022 end, says WTTC appeared first on Travel Daily.



Source link

Trending