Online segment leads revival of tourism, travel and hospitality sector in India
The tourism sector is bouncing back from the impact of COVID across the world. Data suggests that the industry will crawl back to the pre-Covid-19 levels in a few months. According to the IBEF data, by 2028, the Indian tourism and hospitality industry is projected to earn US$ 50.9 billion compared with 2018. This indicates a good sign for the industry. The sector’s confidence is also boosted by some special incentives from the government. Between 2020 and 2021, the pandemic caused job losses, loss of companies, and disruption of plans for many in the industry. Also, the industry witnessed a 60-80 percent decline in international tourism in 2020. In 2020, foreign tourist arrivals slump by 75.5% YoY to 2.68 million, and arrivals through e-Tourist Visa (Jan-Nov) lessened by 67.2% YoY to 0.84 million. Companies noticed that upper-middle-class and lower-middle groups are using more mobile technologies, leading to increased regional connectivity among people. This is the reason why many comp...