London, UK – Research by the World Travel & Tourism Council (WTTC) found that the travel and tourism sector’s contribution to India’s economy could exceed pre-pandemic levels this year, with annual growth of 20, 7%.
Forecasts from WTTC’s latest Economic Impact Report (EIR) show that the sector’s contribution to the national economy could reach nearly ₹15.9 trillion ($215 billion) in 2022, an increase of 1%. above 2019 levels.
Employment levels are expected to reach nearly 35 million travel and tourism jobs, with growth of 8.3% this year.
Over the next decade, India‘s tourism and travel GDP is expected to grow at an average of 7.8% annually, compared to 6.7% of India’s overall economy, to nearly 33.8 000 billion pounds sterling (457 billion US dollars), or 7.2% of the total. economy.
Forecasts also reveal that the sector is expected to create more than 24 million jobs over the next decade, averaging more than 2.4 million new jobs each year.
Julia Simpson, WTTC President and CEO, said: “After the pain suffered by India’s travel and tourism sector, the future looks bright with travel and tourism to and from India expected to surpass 2019 levels.”
“The outlook for the next decade is looking very positive, with India accounting for one in five of all new travel and tourism jobs globally.”
Before the pandemic, the contribution of India’s travel and tourism sector to GDP was 7% (₹15.7 trillion, US$212 billion) in 2019, falling to just 4.3% (₹9.2 trillion). ₹,124 billion USD) in 2020, which was a shocking 41.7%. loss.
The sector also supported more than 40 million jobs in 2019, falling to just over 29 million in 2020 when the pandemic devastated the sector.
After the significant decline in 2020, the latest EIR report from the world tourism body reveals that 2021 has seen the start of the recovery of the country’s travel and tourism sector.
Last year, its contribution to GDP soared 43.6% year-on-year to ₹13.2 trillion ($178 billion).
While the sector has also seen a recovery of just under three million jobs in travel and tourism, representing a positive rise of 10.2% to over 32 million, this still represents eight million fewer jobs than in 2019.
The sector’s contribution to the economy and jobs could have been higher had it not been for the impact of the Omicron variant, which has rocked the recovery around the world, with many countries reinstating severe travel restrictions.
The World Travel and Tourism Council (WTTC) represents the global travel and tourism private sector. Members include 200 CEOs, Presidents and Presidents of leading global travel and tourism companies from all geographies spanning all industries. For more than 30 years, the WTTC has been committed to raising awareness among governments and the public of the economic and social importance of the travel and tourism sector.
According to WTTC’s 2021 Economic Impact Report, in 2020, a year in which it was devastated by the COVID-19 pandemic, travel and tourism contributed 5.5% to global GDP and were responsible for 272 million jobs.
WTTC Press Office