The latest Tourism Satellite Accounting (TSA) research released by the World Travel and Tourism Council estimates India's travel and tourism industry to have generated approximately $100 billion in 2008.
This figure is expected to go up to almost $275.5 billion by 2018, growing at an average of 9.4 per cent over the next 10 years. Further, according to this TSA research, travel and tourism is expected to contribute 6.1 per cent to India's GDP and provide almost 40 million jobs by 2018.
"India offers diversity in the form of excellent backwaters, world heritage sites, hill stations and wildlife. There are truly luxurious heritage palace hotels on one hand, something that overseas tourists look forward to and budget hotels with affordability on the other.
"Then there are homestays, where one can stay with a family and enjoy traditional ethnic cuisine," says Rajji Rai, President, Travel Agents Association of India in a statement issued through Asianet.
"As the financial capital of India, Mumbai features on every India travel itinerary. With good air, road and rail connectivity, the city attracts tourists from all over India and overseas," he added.
The Indian tourism and hospitality industry is thriving owing to a huge surge in both business and leisure travel by foreign and the domestic tourists, who have greatly benefitted from an increase in disposable income, say industry experts.
"This is indeed a historical moment especially at a time when global recession has affected this sector all over the world," reckons Sujata Thakur, Regional Director, Indiatourism. UBM India and the Travel Agents Association of India (TAAI) on Wednesday announced the most eagerly awaited event for the Indian travel trade industry, India Travel Trade Expo, scheduled to be held from 18th to 20th February 2010 at the Bombay Exhibition Centre, in Mumbai.
"This event falls immediately after the 'Visit India Year 2009' and will help in retaining the interest of potential tourists alive to make India as a preferred destination for a visit," says Thakur.