Recently published research from Timetric, "Travel and Tourism in India to 2017", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 10/08/2013 -- India's real GDP growth fell to a 10-year low of 5.1% in 2012-2013 from 6.2% in 2011-2012, primarily due to declining investment, elevated inflation, high interest rates and sluggish external demand.
- Inbound tourism in India recovered after a brief decline due to the financial downturn in 2009, and domestic and outbound tourism registered healthy growth during the review period. Tourism has a significant impact on the country's economy: according to the World Travel and Tourism Council (WTTC), tourism contributed 6.6% to the country's GDP in 2012 and accounted for 7.7% of total employment. India is continually developing its infrastructure, with improvements in both air and ground transport.
- The number of hotel establishments in India rose from 2,520 in 2010 to 2,697 in 2012, and is expected to reach 3,675 by the end of the forecast period. India has the second-largest construction pipeline of hotels in Asia after China, with the Indian government providing support by allowing 100% foreign investment under the automatic route in the hotel and tourism-related industry.
- A major concern for the tourism sector is the lack of security faced by domestic tourists, with reported cases of physical assault, robbery and sexual harassment. These kinds of incidents damage the potential for tourism growth.
- The government of India has undertaken various promotional initiatives to achieve growth in inbound tourist flows to the country. Advertising campaigns such as 'Incredible India' promote Indian culture and history.
- The AAI is undertaking the construction of a new terminal at Chandigarh International Airport. The project involves the construction of a new terminal with the annual capacity to handle 1.5 million passengers. It includes the construction of check-in halls, a ticket area, security screening areas, a baggage claim room, walkways, taxiways and other related facilities. The project will have three two-deck terminal buildings, with departures from the upper level and arrivals at the ground level. Construction works are currently underway and the project is expected to be completed by the fourth quarter of 2014 at an estimated value of US$80 million.
- The Gandhinagar Five-Star Hotels project involves the construction of two five-star hotels and a club under the Gujarat International Finance Tech City (GIFT) project. The project will be developed in two phases and will comprise 700 guest rooms. The first hotel will be developed with 300 guest rooms in phase I and is expected to be completed by 2013, while the second hotel in phase II will feature 400 guest rooms and is expected to be completed by 2015. The estimated project cost is US$220 million.
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Companies Mentioned in this Report: Jet Airways (India) Limited, SpiceJet Limited, Air India Ltd., IndiGo Airlines Pvt. Ltd, Go Airlines (India) Ltd., The Indian Hotels Company Limited, EIH Limited, Hotel Leela Venture Limited, Oriental Hotels Ltd., ITC Hotels, MakeMyTrip Limited, Thomas Cook (India) Limited, Yatra Online Private Limited, Cox & Kings Limited, Travel Corporation (India) Limited, Carzonrent India Pvt., Ltd, Sixt Rent a Car India, Avis India, My Taxi India, Car Rental 2 India
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