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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.

 

 

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

Kanchan Nath

- July 24, 2024

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