homevideos Newsyoung turks NewsEY Visa report estimates India's tourism sector to be a trillion dollar industry by 2047 experts weigh in
EY-Visa report estimates India's tourism sector to be a trillion dollar industry by 2047 - experts weigh in
The tourism sector in India is on track to become a trillion-dollar industry by 2047, generating around 400 million job opportunities, according to a report by Visa and EY. The joint EY-Visa report also anticipates that the digital transformation in the aviation, travel, and tourism sectors will contribute $305 billion in value, while redirecting $100 billion from traditional industry players to new contenders worldwide.
The tourism sector in India is on track to become a trillion-dollar industry by 2047, generating around 400 million job opportunities, according to a report by Visa and EY. The driving force behind this growth is expected to be data-driven tourism, with sustainability, emerging technologies, and changing traveler preferences playing significant roles in reshaping the industry.
Sustainable tourism experiences have gained substantial global traction, reaching a market value of $180 billion. For India, this market is projected to maintain a robust 15 percent compound annual growth rate (CAGR). The country has positioned itself as a proponent of sustainable travel, leveraging its G20 presidency to advocate for the development of eco-friendly and responsible tourism practices.
The joint EY-Visa report also anticipates that the digital transformation in the aviation, travel, and tourism sectors will contribute $305 billion in value, while redirecting $100 billion from traditional industry players to new contenders worldwide.
A pivotal aspect of this transformation revolves around evolving preferences of tourists, particularly influenced by the presence of Generation Z, constituting 24 percent of the global population, with India hosting 27 percent of this demographic.
Furthermore, international tourists visiting India tend to spend 26 times more than domestic tourists, presenting a compelling case for positioning India as a global tourism hub.
Amidst these trends lies a momentous expansion in India's travel and tourism market. In 2022, this sector contributed $190 billion to the country's GDP and is expected to reach $201.37 billion by the end of 2023. Over the following decade, projections by WTTC suggest a staggering growth to approximately $451.56 billion.
In parallel, employment within the tourism sector is also anticipated to surge from 37.2 million in 2022 to an estimated 39 million by the conclusion of the current year.
MakeMyTrip, recognised as India's largest travel agency and aptly labeled a "super app," achieved its highest quarterly gross bookings in its 23-year history. Notably, a significant portion of this growth is attributed to business from tier-II and tier-III cities, accounting for 17 percent of overall business compared to just 6 percent in 2019.
In a recent episode of Young Turks, Deep Kalra, the Founder & Chairman of MakeMyTrip, and Rajesh Magow, the Co-Founder & Group CEO of MakeMyTrip, delve into the prominent trends and future prospects of the Indian tourism industry. For an in-depth discussion, please watch the accompanying video.
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