‘India’s travel & tourism market likely to grow to $34.1 billion by 2029’
India’s travel & tourism market is expected to grow from $22.3 billion in 2024 to $34.1 billion by 2029 said Jyoti Mayal, President, Travel Agents Association of India (TAAI) in a statement.
India’s travel & tourism market is expected to grow from $22.3 billion in 2024 to $34.1 billion by 2029 said Jyoti Mayal, President, Travel Agents Association of India (TAAI) in a statement.
“India’s travel and tourism industry stands as a crucial pillar of the nation’s economy, contributing 10% to the GDP. By 2029, the industry is expected to create 53 million jobs and attract 30.5 million travelers, underscoring its significant growth potential,” she said while addressing at industry event BLTM 2024.
“Outbound tourism from India is anticipated to hit 27 million travelers this year, mirroring pre-COVID levels, while the travel & tourism market in India is expected to generate $22.30 billion [revenue] in 2024, growing to $34.11 billion by 2029,” she added.
India’s travel & tourism market is expected to grow from $22.3 billion in 2024 to $34.1 billion by 2029 said Jyoti Mayal, President, Travel Agents Association of India (TAAI) in a statement.
“India’s travel and tourism industry stands as a crucial pillar of the nation’s economy, contributing 10% to the GDP. By 2029, the industry is expected to create 53 million jobs and attract 30.5 million travelers, underscoring its significant growth potential,” she said while addressing at industry event BLTM 2024.
“Outbound tourism from India is anticipated to hit 27 million travelers this year, mirroring pre-COVID levels, while the travel & tourism market in India is expected to generate $22.30 billion [revenue] in 2024, growing to $34.11 billion by 2029,” she added.
With India’s MICE tourism market projected to register a CAGR of 6% during 2024-2029, the event had attracted participants from Sri Lanka, Azerbaijan, Cambodia, Israel, Saint Petersburg and Indian states such as Goa, Odisha, Punjab, Gujarat, Jharkhand, Telangana, and Meghalaya.
Florian Sengstschmid, CEO, Azerbaijan Tourism Board, in a statement said, “In 2023, we received 1.15 lakh Indian travelers, a figure that has surged to 1.40 lakh in the first seven months of 2024, marking a 2.7-fold increase compared to the same period last year.”
“This growth surpasses pre-COVID numbers, which were about 50,000 in 2019. Enhanced connectivity, including 11 weekly flights from Delhi and 3 from Mumbai to Baku, has been pivotal,” he added.
Krishantha Fernando, General Manager, Sri Lanka Convention Bureau, said “Between January and the first week of August 2024, Sri Lanka received around 2.3 million visitors from India, continuing its status as the largest source market.”
“With 83 flights per week from India, we are focusing on the MICE and wedding segments, while also appealing to leisure travelers. Proximity, connectivity, and value for money are key factors drawing Indian tourists to Sri Lanka,” he added.
Amruta Bangera, Director of Marketing, the Israel Ministry of Tourism, in a statement said, “With 6,500 visitors from India and over 6 lakh globally in 2024 until July 2024 we will welcome more tourists from the travel, trade, and MICE community in the upcoming months.”
According to Sanjiv Agarwal, Chairman & CEO, Fairfest Media Ltd, the organisers of the event this year’s BLTM has grown more than double in size as compared with last year.