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Outbound Travel And Tourism – An Opportunity Untapped

Outbound Travel And Tourism – An Opportunity Untapped:

A report was released titled ‘Outbound Travel and Tourism – An Opportunity Untapped’, which shows India’s outbound tourism will surpass USD 42 billion by 2024.

  • Outbound tourism is the act of travelling ‘out’ of the home country for the purposes of tourism.

Findings of the Report:

  • The Indian outbound travel market is among the fastest growing markets globally with approximately 80 million passport levels of purchasing power, especially among the middle class.
  • With a growing economy, young population, and growing middle class, India is ideally positioned to become one of the most lucrative outbound tourism markets in the world.
  • Europe sees 20% of the travellers from India’s outbound traffic. 10 % travel to Australia and New Zealand, while the rest of the traffic is towards Southeast Asia.
  • In 2021, Indians spent approximately USD 12.6 billion in outbound trips, compared to USD 22.9 billion in 2019.
  • While the reason for decrease in spending could be due to the pandemic, these figures point out the huge value that can be captured from Indian outbound travellers.
  • India’s Tourism is ranked at 10th position in terms of its contribution to World GDP (Gross Domestic Product) in the World Travel and Tourism Council’s report in 2019.
  • During 2019, contribution of travel & tourism to GDP was 6.8% of the total economy, Rs. 13,68,100 crore (USD 194.30 billion).
  • India as of now in 2021 has 40 sites listed under ‘World Heritage List’, 6th highest (32 cultural, 7 natural and 1 mixed site) in the world.
  • Dholavira and Ramappa Temple (Telangana) are the latest ones.
  • In FY20, the tourism sector in India accounted for 39 million jobs, which was 8.0 % of the total employment in the country. By 2029, it is expected to account for about 53 million jobs.

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