The tourism industry of India is emerging from the long recession period as it recorded a rise of about 12% in tourist arrivals in H1 2008, says the MoT.
The Ministry of Tourism (MoT), India, said that the country witnessed a rise of about 12% in tourist arrivals during H1 2008 over H1 2007 as the tourism industry of India is coming out of the long recession period, reported economictimes.
According to the MoT, about 22% rise was recorded in foreign exchange earnings from tourism industry, reaching nearly $6.21 Billion in H1 2008 as compared to around $5.08 Billion in H1 2007. The number of domestic visitors is expected to cross 600 Million this year as compared to 526 Million in 2007.
Adoption of new marketing strategies by tour and travel companies for the promotion of Indian tourist destinations with growth in religious tourism is a major reason for the rise in tourism industry of the country. The new marketing strategies are leading to a strong growth (both in value and volume terms) in the tourism sector of the country.
Moreover, the “Incredible India” campaign has infused growth in the Indian tourism industry in past few years. The rising number of tourists from the US and the UK has made the two countries biggest source markets for the tourism industry of the country. Over 31% of foreign tourists visiting India are from these two countries, followed by France and Canada, says the sources. Also, due to increasing wealthy Indian population, domestic tourism is growing in the country.
However, a rapid transformation can be witnessed in the domestic hospitality industry of India as many hotel groups are investing in new properties across the country. However, scarcity of hotel rooms and high hotel room rates can hinder the future growth of the industry.
A Research analyst at RNCOS said, “The Indian tourism industry is one of the fastest growing industries in the country. It provides vast opportunities to entrepreneurs in different segments. Also, the rising number of foreign visitors proves profitable for the country’s government as it brings huge amount of foreign currency.”
Related Market Research Reports:
Egypt Tourism Sector Analysis
Indian Tourism Industry Analysis
Opportunities in Malaysian Tourism Industry (2007-2009)
