The global travel industry is comprised of a wide variety of businesses, from hotels and inns to casino resorts, trains, buses, airplanes, cruise ships, tour operators and travel bookers, both online and physical. According to the World Travel & Tourism Council (WTTC), one billion tourists traveled the world during 2012, a new record high.
WTTC found that the global travel and tourism industry supported 101 million jobs on a direct basis in 2012, which they forecast to grow to 120.4 million in 2022. The industry generated $2.057 trillion in direct global contribution to GDP (gross domestic product) during 2012, which is forecast to grow to $3.0 trillion in 2022.
The industry’s impact on GDP grew by 3% in 2012. Over the longer term, WTTC expects this growth to average 4.4% yearly from 2012 to 2022.
The total market size of Indian tourism and hospitality sector stood at US$ 117.7 billion and is expected to touch US$ 418.9 billion by 2022.
The foreign direct investment (FDI) inflows in hotel and tourism sector during April 2000 to July 2013 stood at US$ 6,754.49 million, as per the data released by Department of Industrial Policy and Promotion (DIPP).
Foreign tourist arrivals (FTA) during the Month of August 2013 stood at 4.74 lakh as compared to FTAs of 4.46 lakh during August 2012, registering a growth of 6.4 per cent.
Foreign exchange earnings (FEE) during the month of August 2013 were US$1.294 billion as compared to FEEs of US$1.306 billion during August 2012 and US$ 1.264 billion in August 2011.
The number of tourists availing of the tourist Visa on Arrival (VOA) Scheme during January to August, 2013 have recorded a growth of 29.4 percent. During the period, a total number of 12,176 VOAs have been issued as compared to 9,412 VOAs during the corresponding period of 2012.
Major developments and Investments
India is expected to receive nearly half a million medical tourists by 2015, implying an annual growth of 30 per cent. The country has received 43.06 lakh foreign tourists during the period January-August 2013. India is perceived as one of the fastest growing medical tourism destination. The number of medical tourists coming to India has registered a growth of 40 per cent in the past six months. The inflow of medical tourists is expected to cross 45 lakh by 2015 from the current level of 25 lakh.