Travel & tourism set for higher growth curve: Accenture1 min read . Updated: 12 Mar 2008, 03:58 PM IST
Travel & tourism set for higher growth curve: Accenture
New Delhi: India’s travel and tourism is poised for continued growth according to a leading international chamber of travel and tourism operators.
“The industry is expected to generate approximately Rs4 trillion in 2008, rising to ₹ 15 trillion by 2018 over the next ten years," according to projections made by the latest Tourism Satellite Accounting (TSA) research that was released by the World Travel and Tourism Council (WTTC) and its strategic partner Accenture.
The TSA results reveal strong performance for travel and tourism demand in India in 2008, growing at 7.3%. The long-term forecasts point to a continued solid phase of growth between 2009 and 2018, averaging at 9.4% per annum.
The reports also suggest that while travel and tourism is expected to contribute 6.1% to India’s national GDP, with no increase in the coming decade, anticipated growth will create 30.5 million jobs in 2008, 6.4% of total employment, rising to 40 million jobs, 7.2% of total employment by 2018.
WTTC President Jean-Claude Baumgarten says, “Travel and tourism presents major opportunities for India as an economic catalyst. The country’s performance figures are impressive but the government of India must ensure that the country develops the support to manage this expected growth as well as to retain and train the workforce in order to meet the demands of both international and regional visitors."