Indian Tourism Industry to Generate $24 Billion in 2024 - India Report

The travel and tourism industry in India is projected to generate revenue of nearly $24 billion in 2024, according to industry promotions body India Brand Equity Foundation. At an estimated annual growth rate of 9.6% between 2024 and 2028, the industry is also expected to reach a market volume of $34.25 billion by 2028. 

Revenue trend in India: In 2023, the tourism industry recorded a revenue of about $20 billion, according to Statista. Hotels accounted for the largest share of revenue last year. This year, however, this is expected to shift and package holidays are likely to be the biggest revenue generator in 2024. According to an ANI report, package holidays market is expected to reach 65 million travelers by 2028. 

India’s efforts to boost tourism: The country has been focusing on boosting tourism, and has announced 100% foreign direct investment in tourism-related ventures in order to facilitate growth of the sector. Efforts are also being made to preserve heritage sites in India w