India's tourism industry to reach US$23.72 billion by 2024
The market is expected to grow to US$34.25 billion by 2028
The travel and tourism market in India will reach a revenue of USD 23.72 billion in 2024, growing at a CAGR of 9.62 per cent from 2024 to 2028.
To boost the growth of the tourism sector, India has announced 100 per cent foreign direct investment (FDI) in tourism-related businesses in 2023, allowing investments in hotels, resorts and recreational facilities. Prime Minister of India Narendra Modi emphasised that India's efforts in tourism are aimed at preserving the country's heritage and developing world-class infrastructure.
Some of the key highlights include the emergence of the package holidays market as the largest segment, which is projected to reach US$10.48 billion in 2024. This is reported by ANI, a partner of TV BRICS.
By 2028, this segment is projected to have 64.74 million travellers and an average revenue per user of US$209.70. Online sales are projected to account for 60 per cent of the total revenue share of the travel and tourism market.
Moreover, in line with global trends, the Indian tourism industry is shifting towards sustainable practices and eco-friendly travel options to attract visitors.
Photo: iStock
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Ashok MondalNID Director"Signing this Memorandum of Understanding between the National Institute of Design (NID) and TV BRICS marks a pivotal milestone in advancing design diplomacy across the BRICS media space. This moment is especially significant as India hosts the 18th BRICS Summit, following India’s assumption of the BRICS chairship under the visionary leadership of Prime Minister Shri Narendra Modi. The partnership directly embodies his call to elevate Indian design standards through 'Design in India, Design for the World'. Through the global reach and broadcast capabilities of TV BRICS, we are excited to showcase the extraordinary visual storytelling, films, and design research of NID’s Film and Video Communication students to an international audience, while also welcoming and screening film works from BRICS network countries at NID Ahmedabad. This reciprocal exchange strengthens our shared commitment to educational, cultural, and artistic collaboration, fostering sustainable connections among global creative communities. NID Ahmedabad looks forward to leveraging this partnership to deepen cross-cultural dialogue, build international expert networks, and unlock transformative opportunities for filmmakers, researchers, and faculty across member nations" -
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