BackIndia's outbound tourism: An untapped opportunity, will surpass $42 bn by 2024
The report, 'Outbound Travel and Tourism - An Opportunity Untapped' predicted Indian outbound tourism to surpass $42 billion by 2024
PremiumThe report titled 'Outbound Travel and Tourism - An Opportunity Untapped' by Nangia Andersen LLP, in association with FICCI, has predicted that outbound trips from India will surpass $42 billion by 2024. The report also stated that the government could bring about certain policy changes to boost this growing market.
The report, keeping the interest of Indian tourists and travellers in focus highlights the up-and-coming Indian travel market to outline a framework for creating a more value for money experience.
The report suggested increasing direct connections to popular and upcoming destinations, allowing foreign cruise vessels to operate on Indian waters and taking concerted and coordinated efforts on multiple fronts to propel the outbound tourism market to facilitate ease of doing business and promote the interests of Indian firms dealing in outbound travel.
Government and Public Sector Advisory Suraj Nangia and head of Nangia Andersen LLP said, Indian outbound tourism is going to surpass $42 billion by 2024. "We are soon going to be the most populous country in the world with the fastest growing economy. The Indian outbound travel market is among the fastest growing markets globally with approximately 80 million passport level of purchasing power, especially among the middle class."
Allowing foreign cruise vessels to include Indian destinations as a stop would encourage both inbound and outbound tourism as well as increase revenue for Indian ports, the report stated.
As per the report, India is ideally positioned to become one of the most lucrative outbound tourism markers in the world with a growing economy, young population, and growing middle class.
Europe sees 20 per cent of the travellers from India's outbound traffic. 10 per cent travel to Australia and New Zealand, while the rest of the traffic is towards South east Asia.
Nangia Andersen LLP Partner - Government and Public Sector Advisory Poonam Kaura said, "With the positive response of foreign delegations and their policies, our government can surely establish bilateral relations with tourist-friendly countries for both inbound and outbound tourists".
According to the report, the figures from 2021 reflect that Indians spent approximately $12.6 billion in outbound trips, compared to $22.9 billion in 2019. While the reason for decrease in spending could be due to the pandemic but these figures point out the huge value that can be captured from Indian outbound travellers.
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