A Study On Tourism Prospects For Indian Economy

Abstract

Tourism has become the world's largest and fastest-growing industry, significantly transforming many nations from underdeveloped and developing statuses to developed ones. It is now a crucial economic sector due to its contributions to income, job creation, and foreign exchange earnings. According to the World Travel and Tourism Council (WTTC), India's Travel and Tourism Sector contributed Rs. 15.7 trillion to the economy in 2022, employing

37.2 million people. The sector accounts for 6.23% of the national GDP and 8.78% of total employment in India. The tourism industry also offers substantial opportunities for entrepreneurship, encompassing a wide range of services such as transportation, accommodation, food and beverages, travel agencies, tour operators, entertainment, arts and crafts production and marketing, and events and exhibitions. This study aims to shed light on the influx of foreign tourists to India, the revenue generated by the industry, and the potential of various tourism avenues to drive economic growth by generating revenue, creating jobs, and fostering infrastructure development. The results indicate a significant relationship between foreign tourist arrivals and foreign exchange earnings during the study period.