By NNN-PTI,
New Delhi : The global economic slowdown doesn’t seem to affect the growth of Indian tourism sector as the foreign tourist arrivals in the country is expected to touch 10 million by 2010, according to an industry report.
Availability of adequate hotel room can help doubling of foreign tourist arrivals upto about 10 million by 2010 from 5.08 million in 2007.
This will result in a near doubling of foreign exchange earnings from tourism from Rs 44,360 crore in 2007 to Rs 60,000 crore by 2010, as per an estimate by the PHD Chamber of Commerce and Industry.
While forex earnings from tourism increased from Rs 2,594 crore in September 2007 to Rs 3,143 crore in September this year, the number of foreign tourist arrivals rose to 3,30,874 in September this year from 3,01,892 in the same month last year. (One Crore: ten million)
The hotel industry contributes around six per cent to the GDP and is among the largest revenue earners in the country. Besides, it is rated among the largest foreign exchange earners with high forex retention rate.
Industry reports suggest that the revenue outgo is less than 5 per cent of the total income earned by this sector, according to PHDCCI President L K Malhotra.
India needs another 1,25,000 to 1,50,000 hotel rooms by 2010 to meet the surging demand, particularly in the middle and upper ranges as also for players and visitors during the Commonwealth Games.
It is estimated that demand is likely to exceed supply over the next two years. Around 40,000 rooms are estimated to be required during the Games in Delhi and NCR alone.