Indian government aims to attract $100 billion foreign direct investment in tourism

Published on : Tuesday, October 24, 2017

Indian governmentThe Indian government aims to attract $100 billion foreign direct investment in tourism sector and create up to 100 million jobs over the next five years.

 

The Tourism Minister K Alphons said after Tourism CEO Conclave, “Tourism industry has a multiplier effect on the economy…We have held discussions with CEOs of leading tourism companies to address all issues facing the sector.” The conclave is a part of the ‘Paryatan Parv’ initiative from October 5-25. The tourism ministry will also take up the demand of hotel industry for rationalization of the GST rate to 4-5% for five star hotels.

 

The government is also looking into the demand of the industry to have a national tourism authority which will act as a regulatory body and prescribe standards for home stays, bed and breakfast accommodations, among others. Guidelines would also be created along with best practices for 15-20 identified sub-sectors of niche tourism.

 

The government wants to reach 40 million foreign tourist arrivals in next five years from the current level of 14 million.

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