India's tourism industry to reach US$23.72 billion by 2024

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.

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