New Delhi, Aug 25 (IANS) India’s ‘Vision 2047’ ambitious goals of 100 million international tourist arrivals will help achieve a GDP impact of Rs 43.25 lakh crore, and the creation of 63 million jobs by 2034, a report said on Monday.
India’s rapid climb from 39th to 8th position in global tourism rankings within a year underscores its potential as a leading global destination, the report stated, MP Financial Advisory Services said in its report.
Meanwhile, India’s foreign exchange earnings rose sharply from Rs 0.13 lakh crore in 1999 to Rs 2.12 lakh crore in 2019. Though the pandemic temporarily reduced inflows to just Rs 0.50–0.65 lakh crore in 2020–21, they rebounded strongly to Rs 2.78 lakh crore by 2024, highlighting India’s resilience.
According to the financial advisory firm, this rebound has been powered not only by robust domestic tourism, rising foreign arrivals, and targeted government initiatives such as Swadesh Darshan 2.0, PRASHAD, SASCI, and Heal in India, but also by shifting consumer behaviour.
“India’s tourism and hospitality sector is no longer just about leisure—it is a core pillar of economic growth, job creation, and global competitiveness. The next decade will be defined by how effectively we invest in infrastructure, diversify offerings, and embrace sustainability,” said Mahendra Patil, Founder and Managing Partner, MP Financial Advisory Services LLP.
With Vision 2047 on the horizon, the opportunity is immense: if industry and government work together decisively, India can position itself among the world’s top tourism destinations, Patil added.
Budget FY2025-26 has outlined measures to boost India’s tourism sector with a focus on infrastructure development, employment generation, and promotion of medical tourism.
Across different sectors, India’s spiritual travel is expanding beyond pilgrimages to immersive faith-based experiences. Pilgrim visits rose from 677 million in 2021 to 1,439 million in 2022, doubling revenues to Rs 1.34 lakh crore, generating Rs 2 lakh crore in trade and 800,000 jobs, the report noted.
In the medical sector, India’s Medical Value Travel (MVT), worth $2.89 billion in 2020, is projected at $13.42 billion by 2026.
At the same time, heritage tourism, valued at $19.9 billion in 2024, is expected to reach $27.1 billion by 2033, supported by the PRASHAD scheme.
India’s tourism and hospitality sector has steadily transformed into a vital pillar of economic growth, marked by two decades of strong expansion and a remarkable rebound in the post-pandemic era.
“Between 1999 and 2019, the country witnessed significant progress, with International Tourist Arrivals (ITAs) climbing from 2.5 million to 10.9 million, Domestic Tourist Arrivals (DTAs) rising from 191 million to 2,321 million, and foreign exchange earnings increasing nearly sixteen-fold,” the report highlighted.
This growth was underpinned by government-led promotional campaigns, rising business travel, and higher disposable incomes, creating a solid foundation for long-term development, according to the report.
In FY2024, the industry contributed nearly Rs 22 lakh crore—around 7 per cent of GDP—supported by strong domestic demand and government-led initiatives.
–IANS
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