Travel & Tourism Contribution to GDP to rise by 7.5% by 2016
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Travel & Tourism Contribution to GDP to rise by 7.5% by 2016

Tourism is one of the popular and the fast growing industry in India which is having a good growth in the Industry.

The Contribution to travel and tourism to the Country’s GDP is predictable to rise by 7.5% to Rs.2, 34, 145 crore this year. Travel and tourism had donated Rs.2, 17, 810 crore to the GDP in 2016 revealed a sectorial document for Tourism and Hospitality sector under the 'Make in India' campaign.
 
Tourism is a big employment initiator. For every USD 1 million spent in tourism creates 78 jobs.The file recorded a series of factors as key drivers for tourism in the next span. These include a growing recognition of tourism's contribution to employment and economic growth, availability of better infrastructure, focused marketing and promotion efforts and liberalization of air transport.
Moreover, it also mentioned a growth of online travel portals, growing intra-regional firm and real public private companies that would fuel growth of the sector.
The reason to invest in this sector is that, tourism in India accounts for 6.8% of the GDP and is the third largest foreign exchange recipient for the country.
One of the document reported that, The World Tourism Organization has forecast that the travel and tourism industry in India will grow by 8% annum between 2016 and 2016.
Foreign exchange incomes from tourism are likely to show annualized growth of 14% during the same period. The sector is the third largest foreign exchange earner after gems, jeweler and readymade garments.
As per the document, initiatives such as availability of visa on arrival significantly influences tourist's travel plans to the country. Newly the Indian government has also released a fresh category of visa, the medical visa or M visa to boost medical tourism in India.
 
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