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India travel and tourism market to grow at CAGR 7 % till 2021: TechSci Research
Growing medical, wellness and adventure tourism, improvement in connectivity to and from India, along with rising middle class population base are the key factors driving India’ s travel and tourism market during the forecast period South region dominated India travel and tourism market in 2015 and the region is anticipated to continue dominating the market through
2021, on account of growing domestic and foreign tourist footfall, and increasing number of religious and leisure trips to the region. Moreover, south region of the country is also emerging as a key hub for medical and wellness tourism. Leisure and recreation segment dominated India travel and tourism market in 2015, on the back of increasing number of people visiting families and friends for various occasions and tour operators offering cheap packages. Medical tourism is a small, but a robustly growing segment in India travel and tourism market. Fast growth in India medical travel and tourism market can be attributed to availability of cost-effective and high medical treatment procedures at internationally renowned facilities.
Indian travel and tourism industry has emerged as a key driver for the growth of the services sector in India. Travel and tourism is also a large employment generator besides serving as a significant source of generating foreign exchange for the country. Increasing disposable income along with rising middle class has continued to support growth of domestic and outbound tourism in the country. Furthermore, Ministry of Tourism in India has been proactively engaged in designing national policies for promotion and development of travel and tourism sector in the country. The Ministry is also collaborating with other stakeholders in the industry including state governments, various central ministries / agencies, representatives of the private sector and union territories.
O f late, with advent of online booking for travel services, increasing number of people prefer to use internet to book flight tickets, hotel accommodation, etc., instead traditional travel agents, as it offers convenience and ability to compare various prices and deals. The research report has evaluated the future growth potential of travel and tourism market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities present in India travel and tourism market.
8 destination exotica | february 2017