Top Listed Travel Companies In India!
India has a rich cultural and historical heritage, as well as a diverse ecology, terrains, and natural beauty spots spread across the country. This presents a significant opportunity to fully realise the tourism sector's potential. In this article, we will examine the travel and tourism industry as well as its potential for growth. We will also look at the top five listed travel companies in India.
Overview of the Travel Industry
Because India is one of the most popular travel destinations in the world, the Indian tourism and hospitality industry has emerged as one of the key drivers of growth in India's services sector. The Indian tourism industry has significant potential, as tourism is an important source of foreign exchange in India, as it is in many other countries. accounted for 39 million jobs, accounting for 8% of total employment in the country The Indian travel market is expected to grow to US$ 125 billion by FY27, up from an estimated US$ 75 billion in FY20.
The Indian airline travel market is estimated to be worth US$ 20 billion, and it is expected to double in size by FY27 as airport infrastructure improves and access to passports expands.
The Indian hotel market, including domestic, inbound, and outbound travel, was valued at US$ 32 billion in FY20 and is expected to grow to US$ 52 billion by FY27, driven by rising traveller demand and the continued efforts of travel agents to expand the market.
Foreign exchange earnings increased at a CAGR of 7% from 2016 to 2019, but fell in 2020 due to the COVID-19 pandemic. According to the World Travel and Tourism Council, India ranks 10th out of 185 countries in terms of travel and tourism's total contribution to GDP in 2019.
Travel and tourism contributed 6.8% of total GDP in 2019, amounting to Rs. 1,368,100 crores (US$ 194.30 billion). The Indian tourism industry is expected to grow by 2020.