India’s tourism industry to grow at average annual rate of 7% until FY2035
Artificial intelligence and young travellers are driving tourism growth worldwide
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Photo source: R.M. Nunes / iStock
India’s tourism sector is projected by analysts to grow at approximately 7 per cent annually until the 2035 financial year, demonstrating strong long-term growth potential. This is reported by ANI, a partner of TV BRICS, citing a report by an Indian financial company.
It is noted that the 7 per cent compound annual growth rate was established in 2024. Between 2014 and 2024, the number of domestic trips reached 18.6 billion. Analysts emphasise that the growth of tourism in India is driven by infrastructure expansion and rising domestic demand.
“Domestic tourism has witnessed threefold structural growth, with the number of visits rising to 18.6 billion (2014–2024) compared to 6.8 billion (2004–2013),” the report states.
The report also highlights a global trend of sustained structural growth in tourism, driven by rising middle-class incomes, the adoption of artificial intelligence (AI)-based booking systems, and the recovery of the sector following the coronavirus pandemic. More than 76 million people are employed in the sector.
The global travel market is projected to reach US$16.5 trillion by 2035, growing at an average rate of 4 per cent per year. Currently, tourism contributes nearly 10 per cent to global GDP and provides more than 350 million jobs worldwide.
The report also underlines the changing global nature of travel demand, particularly among young people.
“Generation Z and Millennials are the key demand drivers, undertaking 4-5 trips annually and allocating around 29 per cent of their income to travel” analysts said.
The travel services sector is also being transformed by the adoption of AI technologies. Neural networks generate up to 168 million price recommendations per minute and influence 58 per cent of online bookings.
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