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India to become 4th largest tourism economy by 2034
T3’s interview with Liz Ortiguera, Managing Director-Asia-Pacific and Sr Advisor to CEO, World Travel & Tourism Council (WTTC) delves into the transformative forces at play, including Asia’s growing influence and a noticeable shift towards sustainable tourism. Notably, India, with its rapidly developing infrastructure and burgeoning middle class, is positioning itself as a global tourism leader. Ortiguera underscores that a crucial strategy for the country’s tourism future is rooted in capacity building and the integration of sustainable practices. As she prepares to be the keynote speaker at the upcoming ITB Asia in Singapore, she also highlights key global travel trends and asserts that the future of travel presents exciting opportunities, with India poised to lead this evolution.Q: How do you envision the economic recovery of the global tourism sector, and what role do you think emerging markets, such as India, will play in this resurgence?
The global tourism sector is showing strong signs of recovery, and the Asia-Pacific region is set to lead this resurgence over the next decade. According to WTTC’s Economic Impact Report, the Travel & Tourism sector has returned to 2019 GDP levels, and we project robust growth in this region, from US$3.2 trillion this year to US$5.8 trillion over the next decade, a compound annual growth rate of 6.1%. Emerging markets, like India, will be instrumental in driving this momentum.
India’s contribution to this recovery is especially exciting. The country is set to become the world’s fourth-largest tourism economy by 2034, moving up from its current position as the eighth largest. This growth is fueled by several factors: expanding infrastructure, including new airports and modernized rail systems; a rising middle class with increasing disposable income; and a domestic travel boom that is unlocking new destinations within India itself.
With its rich cultural heritage and growing travel appetite, India is poised to play a leading role in shaping global tourism’s future. As it continues to develop its tourism infrastructure and promote sustainable, inclusive growth, India will not only attract more international visitors but also set a new benchmark for emerging markets worldwide.
Source: Travel Trends Today
