• Thu. May 23rd, 2024

Indian Tourism Industry to Generate $24 Billion in 2024

Byusanewscart.com

Apr 16, 2024
Indian Tourism Industry to Generate $24 Billion in 2024

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Travel and tourism industry accounted for around 6% of India’s GDP in 2022. The country has therefore been focusing on boosting tourism.

The travel and tourism industry in India is projected to generate revenue of nearly $24 billion in 2024, according to industry promotions body India Brand Equity Foundation. At an estimated annual growth rate of 9.6% between 2024 and 2028, the industry is also expected to reach a market volume of $34.25 billion by 2028. 

Revenue trend in India: In 2023, the tourism industry recorded a revenue of about $20 billion, according to Statista. Hotels accounted for the largest share of revenue last year. This year, however, this is expected to shift and package holidays are likely to be the biggest revenue generator in 2024. According to an ANI report, package holidays market is expected to reach 65 million travelers by 2028. 

India’s efforts to boost tourism: The country has been focusing on boosting tourism, and has announced 100% foreign direct investment in tourism-related ventures in order to facilitate growth of the sector. Efforts are also being made to preserve heritage sites in India while creating quality tourism infrastructure to enhance visitor experience. 

The road, rail, and air transportation infrastructure is also being improved. New highways, indigenous superfast trains, and regional airports are being concurrently developed across the country to make travel more convenient and inland destinations more accessible.

Radisson Opens First Hotel in Odisha

Radisson Hotel Group has announced the opening of Pramod Lands End Resort, a member of Radisson Individuals in Gopalpur, Odisha. The 100-room resort marks the group’s entry into Odisha. Radisson’s newly appointed area senior vice president for South Asia Nikhil Sharma said that Gopalpur has untapped tourism potential, and the company’s move to open a property in the location is part of its focus on tier 2 and 3 cities in India. 

Radisson has more than 160 operational and developing hotels, with over 50% of its portfolio located in tier 2 and 3 markets. In 2023, the company signed 21 properties, and is especially focusing on key spiritual destinations and inland locations to gain from the first-mover advantage. 

Fly91 Expands Network to Agatti, Jalgaon

India’s newest airline Fly91 is set to add two more destinations to its network this week, taking its operations to six destinations. Starting Thursday, the airline will fly between Goa and Agatti, Lakshadweep. It will also commence flights between Goa, Jalgaon and Hyderabad on April 18. 

The budget airline commenced its operations last month and is currently flying between four destinations. It aims to enhance regional connectivity in India and has plans to expand its network to 50 cities over the next five years. For this, the airline is planning to induct 30 aircraft to its fleet. 

ITC Hotels Open Storii Solan in Himachal Pradesh

ITC Hotels has announced the opening of Storii by ITC Hotels, The Kaba Retreat, Solan in Himachal Pradesh. The boutique property currently has 22 rooms and suites, with six cottages to open soon. 

Storii by ITC Hotels serves experiential travelers. The company is focusing on expanding the brand as CEO Anil Chadha believes that it is quickly becoming a preferred brand in the segment. With the addition of the Solan property, four hotels are operational under the brand. More Storii hotels are set to come up in Kolkata, Rishikesh, Manali, Prayagraj, and Kufri as it is aiming to enhance its presence in leisure destinations.

Delhi Airport’s Conversion of Terminal T2 to All-International Delayed Till Next Year

The conversion of Delhi airport’s terminal T2 into an all-international terminal is delayed till April 2025, according to a Times of India report. The airport has three terminals of which T1 and T2 are fully domestic, while T3 handles domestic as well as international traffic. With T1 undergoing an expansion to double its capacity to 40 million passengers, the airport operators decided to convert T2 into an all-international terminal temporarily to better handle international traffic.

The initial plan was to begin the conversion of the terminal in July or August this year, after the expansion of domestic terminal T1 becomes operational in June. This would close T2 for a few months. However, the authorities have now decided to postpone the conversion work until after winter, as they want all terminals to be operational during the season. This is to avoid a repeat of winter last year when a key low-visibility runway was shut for repairs during the foggy season and led to delays. 

EaseMyTrip Subsidiary Opens Hotel in McLeod Ganj

Spree Hospitality, a subsidiary of online travel company EaseMyTrip, has announced the opening of ZiP By Spree Hotels Bella Heights in McLeod Ganj, Himachal Pradesh. The boutique property is a part of Spree Hospitality’s portfolio of more than 30 hotels. 

The company focuses on boutique and mid-market segments, while operating full-service properties across India. It was acquired by EaseMyTrip in 2021. 

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