Published on : Monday, October 23, 2017
According to the joint study carried out by Assocham and Yes Bank, travel sector has huge possibility of growth by 2.5 percent if the budgetary allocation was improved from the current 0.09 percent of the total allocation to a minimum 0.15 percent in 2018-19 respectively. Also, the study disclosed developmental interferences, including tourism infrastructure development and the emergence of tourism themes to the flourishing industry.
As per the World Trade and Tourism Council, contribution of travel & tourism to Indian GDP was USD 208.9 billion that accounted 9.6 percent of GDP in last year. On the other hand, it’s predicted to increase by 6.7 percent this year and 10.0 percent of GDP in the impending 2027, “The formation of National Tourism Authority (NTA) also needs to be taken up on priority and position it as an important authority,” an Assocham spokesperson said.
He further added by saying that NTA has the possibility to be the nodal agency for different activities like investment promotion, escalation resolutions, marketing, developmental planning and implementation coordination, and others.
Mentioning that India is a rapidly growing destination, transforming into a medical and wellness tourism hub of Asia as a result of superior quality health services available at low cost treatment, the report highlighted that the treatment of major surgeries in India charge approximately 20 percent of that in developed countries.
“Creation of Medical hubs through PPP will boost medical tourism. Wellness tourism should be promoted by marketing indigenous methodologies such as Yoga and Ayurveda,” it suggested.
Tags: Indian tourism sector