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FTAs increase by 43% in 2023 vis-e vie 2022: Economic Survey

Kanchan Nath

- July 24, 2024

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Foreign Travel Arrivals (FTAs) rose by 43% compared to the previous year, as highlighted in the Economic Survey 2023-24. The survey revealed that over 9.2 million foreign tourists visited India, marking a 43.5% year-on-year (Y-o-Y) increase.

India’s tourism industry also saw a significant rise in foreign exchange earnings, amounting to over ₹2.3 trillion, reflecting a 65.7% Y-o-Y growth. The country’s standing in the global tourism arena improved, with India ranking 39th in the World Economic Forum’s Travel and Tourism Development Index (TTDI) 2024.

To meet the increasing demand, the hospitality industry expanded substantially, adding 14,000 new rooms in 2023. This brought the total inventory of chain-affiliated rooms to 183,000 across the country. Additionally, the average daily rate for hotel rooms increased from ₹6,704 to ₹7,616, showing a 13.6% Y-o-Y growth in FY24.

Despite global inflationary pressures and delays in economic recovery, the survey noted only a minimal 0.7% decline in price competitiveness since 2021. However, it also pointed out the potential challenges posed by artificial intelligence (AI). According to a report by Capital Economics, AI could slow India’s services export growth by 0.3-0.4 percentage points annually over the next decade. This emphasizes the critical role of

Ministry of Tourism launched the Incredible India Tourism Facilitator Certificate Programme. This initiative aims to create a skilled workforce of tourist facilitators through digital platforms offering online learning and certification courses.

 

 

May we all strive to emulate her virtues and remember that true wealth lies in the depth of our character, the sincerity of our actions, and the impact we have on those around us.”

Stay riveted for our next gala event, The Brand Travel Daily Media Travel Excellence Awards that recognizes and celebrates the outstanding achievements of companies and individuals in the travel, airline, and hospitality industry. They are scheduled to take place in 11 October, 2024

For inquires, to attend or sponsor next awards, kindly email here: Gary@traveldailymedia.com

If you know of any female leaders or up and coming superstars in the Travel and Hospitality industry you would like to nominate, please visit our page and complete a nomination form!
The prestigious IWTA Awards 2024 Award Winners are listed below:

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FTAs increase by 43% in 2023 vis-e vie 2022: Economic Survey

Kanchan Nath

- July 24, 2024

May we all strive to emulate her virtues and remember that true wealth lies in the depth of our character, the sincerity of our actions, and the impact we have on those around us.”

Stay riveted for our next gala event, The Brand Travel Daily Media Travel Excellence Awards that recognizes and celebrates the outstanding achievements of companies and individuals in the travel, airline, and hospitality industry. They are scheduled to take place in 11 October, 2024

For inquires, to attend or sponsor next awards, kindly email here: Gary@traveldailymedia.com

If you know of any female leaders or up and coming superstars in the Travel and Hospitality industry you would like to nominate, please visit our page and complete a nomination form!
The prestigious IWTA Awards 2024 Award Winners are listed below:

content studio box

…there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you design and create an advertising campaign.

We can also organise a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

x Studio

Connect with your clients by working with our in-house brand studio, using our expertise and media reach to help you create and craft your message in video and podcast, native content and whitepapers, webinars and event formats
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