Tourism and Hospitality Sector among the Top Ten Sectors in India to Attract the Highest FDI
Tourism and Hospitality sector among the highest FDI attractions sectors
Chandigarh, India, June 25, 2015 (Newswire.com) - The Tourism and Hospitality sector has emerged among the top ten sectors in India to attract the highest FDI. According to the department of Industrial Policy & promotion, in the period between April 2000-August 2014, Tourism sector attracted around US $ 7,441 million of FDI.
In the last few years, tourism and Hospitality sector has seen an unpredictable growth which has made it the most famous travel destination. According to the Ministry of Tourism, during the year 2011-2012, India registered 12.5 percent growth in foreign tourist visits to North-Eastern State, which further rose by 100 percent to register a growth of 27.9 during 2013.
Among the Northeastern states, Manipur recorded the highest foreign tourist visits which is followed by Arunachal Pradesh and then Tripura. In the time period between July 2013- July 2014, FTA in India witnesses a growth of 12.9 %.
Commenting on changing current travel trends and unpredictable growth pattern, Abhishek Jaiswal, Co-founder Antilog Vacations said “There is paradigm shift in the travel choices of people and in sum the whole travel industry has undergone a change, today it is more organized and well managed, which has attracted investors through worldwide, leading to better growth outputs ”. He further added that there is an upsurge in domestic travel and if current scenario prevails domestic travelers would contribute to around 84.7 percent to total tourism revenues by 2024.
The FTA’s during the period between January–July 2014 stood at 4.11 as compared to 3.87 million during the corresponding period of 2013, registering a growth of 44 percent. Foreign Exchange earnings during January –July 2014 contributed to US$ 11.055 billion as compared to US$ 10.85 during the same period last year. USA contributed the highest number to foreign arrival in India which is followed by Bangladesh and UK.
Categories: Vacations and Travel