The Parliament was informed on Monday that foreign tourist arrivals (FTAs) in India increased by 9.1% between January and May of this year to 40.72 lakh, up from 37.32 lakh in the same period previous year. This increase shows promise for the country’s tourism industry and overall economic growth.
According to a reply in the Lok Sabha by Union Minister for Tourism and Culture Gajendra Singh Shekhawat, foreign exchange earnings (FEEs) during the period stood at Rs 1,08,362 crore as opposed to Rs 88,441 crore in January-May 2023, marking a gain of 22.52 per cent (year-on-year).
Foreign exchange earnings increased by 3.23 percent in May to Rs 17,762 crore from Rs 17,206 crore in the same month the previous year.
In a similar vein, there were 6 lakh foreign visitor arrivals in May 2023 as opposed to 5.98 lakh in May 2023, representing a 0.3% increase.
According to the minister, the data indicates a steady rise in both international visitor arrivals and foreign exchange profits, pointing to a healthy and growing tourism sector.
The establishment of significant spiritual sites is another priority for the government.
The announcement by Finance Minister Nirmala Sitharaman of the “comprehensive development” of the Vishnupad temple corridor and the Mahabodhi temple corridor in Bihar was another way that the Union Budget highlighted the historical and cultural value of tourism in India.
The government has set up roughly Rs 2,478 crore for the tourism ministry in FY 2024–2025; this is comparable to the Rs 2,400 crore set aside in FY 24 of the previous year. The actual spending for the previous year was 1,692 crore.
According to the FICCI-Nangia knowledge paper, the country’s outbound tourism sector is expected to grow from over $18.8 billion in 2024 to over $55.3 billion by 2034.
Between 2024 and 2029, the internet travel industry in India is projected to increase at a compound annual growth rate (CAGR) of 10.5%, from $17.24 billion to $28.40 billion
