Tourism Can Be India's Next Big GDP Earner
BUSINESS ECONOMICS|September 16-31, 2019
After the success of its tourism’s promotional slogan ‘Atithi Devo Bhava’, the Indian tourism ministry has come out with another catchphrase 'your search ends here'.
Tushar K. Mahanti
Tourism Can Be India's Next Big GDP Earner

One hopes the new slogan helps in attracting more foreign tourists to India for experiencing nature’s beauty and cultural diversity. The country needs a vibrant tourism sector now more than ever. The economy is decelerating, private consumption is slowing down as is service sector growth. Higher growth in tourism and hospitality sector that accounts for nearly a tenth of India’s GDP and more than 8% of total employment can appreciably help the economy’s turnaround bid.

In its annual analysis quantifying the global economic and employment impact of travel and tourism in 185 countries, the World Travel & Tourism Council’s (WTTC) research reveals that the sector has outpaced the global economic growth for the eighth consecutive year in 2018 and grew at 3.9% during the year – higher than the global GDP growth of 3.2%. It contributed $8.8 trillion to the global economy and accounted for 319 million jobs, equivalent to one in every ten jobs. The scale of growth and importance of the sector is also evident from the fact that one in five of all new jobs created in the world over the last five years were in travel and tourism.

A large number of people are traveling across the world – be it for work needs or pleasure or for enjoying the beauty of old architectural splendours – and the number is increasing steadily with international arrivals growing from 25 million in the 1950s to 1.4 billion in 2018 and to an estimated 2.2 billion by 2029. The industry is proving resilient to both geopolitical uncertainty and economic volatility.

India jumps six places in tourism competitiveness index

This story is from the September 16-31, 2019 edition of BUSINESS ECONOMICS.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the September 16-31, 2019 edition of BUSINESS ECONOMICS.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS ECONOMICSView All
Bank of Baroda, Kolkata Zone organised Mega Kisan Melas in West Bengal
BUSINESS ECONOMICS

Bank of Baroda, Kolkata Zone organised Mega Kisan Melas in West Bengal

Bank of Baroda (BOB) organised Mega Kisan Mela at Konkalitala in Birbhum District of West Bengal on November 18, 2024 as a part of the 7th Edition of the Baroda Kisan Pakhwada (BKP).

time-read
1 min  |
December 01 - 31, 2024
Time-Bound Disposal of Cases to Expedite the Delivery of Justice and affordabe by all in India
BUSINESS ECONOMICS

Time-Bound Disposal of Cases to Expedite the Delivery of Justice and affordabe by all in India

The delay in the disposal of cases in Indian courts remains a significant hurdle to the nation's progress.

time-read
3 mins  |
December 01 - 31, 2024
Dev Deepawali: A grand celebration of light, spirituality, and culture in Varanasi
BUSINESS ECONOMICS

Dev Deepawali: A grand celebration of light, spirituality, and culture in Varanasi

The holy city of Varanasi, often regarded as India's spiritual and cultural heart, came alive with the splendor of Dev Deepawali on the sacred day of Kartik Purnima.

time-read
2 mins  |
December 01 - 31, 2024
The life of Job 'Ye judge not the judgment of God' - Jesus Christ
BUSINESS ECONOMICS

The life of Job 'Ye judge not the judgment of God' - Jesus Christ

The Holy Bible reveals through the life of Job how the Lord tests the righteous and that faith helps one to overcome life's adversities.

time-read
6 mins  |
December 01 - 31, 2024
India has the highest potential for the garment industry, only a conducive government policy is required.
BUSINESS ECONOMICS

India has the highest potential for the garment industry, only a conducive government policy is required.

India's textile industry is poised for remarkable growth, with expectations to double its contribution to the GDP within the next six to seven years.

time-read
3 mins  |
December 01 - 31, 2024
Global Public Debt may be worse than it appears, warns IMF
BUSINESS ECONOMICS

Global Public Debt may be worse than it appears, warns IMF

Global Public Debt Set to Exceed $100 Trillion, Warns IMF

time-read
4 mins  |
December 01 - 31, 2024
The economic consequences of Trump's Presidency: A global perspective
BUSINESS ECONOMICS

The economic consequences of Trump's Presidency: A global perspective

One of the key economic factors contributing to the Democrats' loss in the US elections was the significant rise in inflation, which was initially triggered by the COVID-19 pandemic and exacerbated by the Russia-Ukraine war.

time-read
5 mins  |
December 01 - 31, 2024
Challenges and Successes in West Bengal's Education Sector: A Comprehensive Overview
BUSINESS ECONOMICS

Challenges and Successes in West Bengal's Education Sector: A Comprehensive Overview

The education system in West Bengal, particularly in districts, villages, slums, and government institutions, reflects a blend of progress and ongoing challenges.

time-read
5 mins  |
December 01 - 31, 2024
What India can expect from Trump's return
BUSINESS ECONOMICS

What India can expect from Trump's return

I may be too early to predict how Donald Trump's second term as president will impact the global oil market.

time-read
2 mins  |
December 01 - 31, 2024
Stocks Surge Following Donald Trump's Election as 47th President of the USA
BUSINESS ECONOMICS

Stocks Surge Following Donald Trump's Election as 47th President of the USA

Stocks soared following the election of Donald Trump as the 47th President of the United States. Investors anticipated that the Information Technology (IT) sector would benefit from lower corporate taxes under the Republican regime, with IT stocks leading the rally.

time-read
1 min  |
December 01 - 31, 2024