India’s outbound tourism to cross USD 42 billion by 2024: Report
New Delhi:
A report states that outbound trips from India will cross $42 billion by 2024 and the government may bring some policy changes to boost this growing market.
The report titled ‘Outbound Travel and Tourism – An Opportunity Untapped’ by Nangia Andersen LLP in association with FICCI, sheds light on the upcoming Indian travel market and a roadmap to create more value for money experiences for Indian tourists and travelers outlines. ,
In order to facilitate ease of doing business and to promote the interests of Indian firms dealing in outbound travel, the government will increase direct connections to popular and upcoming destinations, besides allowing foreign cruise ships to operate on Indian waters. can consider steps such as making concerted and coordinated efforts. The report said that work is being done on several fronts to further boost the outbound tourism market.
Nangia Andersen LLP Head – Government and Public Sector Adviser Suraj Nangia said that Indian outbound tourism is going to cross $42 billion by 2024.
“We are soon going to be the most populous country in the world with the fastest growing economy. The Indian outbound travel market is one of the fastest growing markets globally, with a passport level purchasing power of around 80 million , especially among the middle class.”
The report said that allowing foreign cruise ships to include Indian destinations as one stop would boost both inbound and outbound tourism as well as increase revenue for Indian ports.
With a growing economy, young population and a growing middle class, India is ideally positioned to become one of the most attractive outbound tourism markers in the world. 20% of passengers in Europe come from outbound traffic.
It said that ten percent travel to Australia and New Zealand, while the rest of the traffic goes to Southeast Asia.
Nangia Andersen LLP Partner – Government and Public Sector Consultant Poonam Kaur said, “With the positive response from foreign delegations and their policies, our government is sure to establish bilateral relations with tourist-friendly countries for both inbound and outbound tourists. can.”
In 2021, Indians spent around $12.6 billion in outbound trips compared to $22.9 billion in 2019. While the reason for the reduction in spending could be due to the pandemic, these figures indicate the huge value that can be derived from Indian outbound passengers, the report added. PTI JD MR MR