India’s travel intermediaries industry is forecast to reach Rs1.21tn ($24.76bn) in 2016 from Rs679.9bn ($13.82bn) in 2012, at a compound annual growth rate (CAGR) of 15.7%, according to a new BRICdata report.
The travel and tourism business in India currently contributes 6.23% to the country’s national gross domestic product (GDP) and represents 8.78% of the its total employment.
According to the report, tourist volumes in the country increased from 466.8 million in 2006 to 710.6 million in 2010, growing at a CAGR of 11.03%.
The report states that rising tourist volumes in the country can be attributed to factors
such as India’s economic growth and government initiatives, including granting infrastructure status to tourism developments, and incentivising private investments in tourism through income tax exemptions, as well as interest subsidy provisions.
The government plans to implement policies to assist the growth of the travel intermediaries industry and has allowed foreign investment of 100% in the hotel and tourism-related industries.
The full report ‘Emerging Opportunities and Growth Prospects in the Indian Travel Intermediaries Industry: Analyses and Forecasts to 2016’ is available from BRICdata’s website.