Tourism around the world came to a standstill when COVID-19 hit the world. Countries across the globe were struggling to keep their tourism levels afloat. And India was no different. But now, with things getting back on track again, India’s foreign exchange earnings may see a positive increase, touching close to pre-COVID numbers!
India’s Foreign Exchange Earnings May Reach Pre-COVID Levels
The Ministry of Tourism reported that foreign tourist arrivals in India reached 3.13 million in the first four months of 2023. This indicated a substantial increase from 1.17 million arrivals in the year-ago period, reported Inventiva. But, while the foreign exchange earnings.
However, despite this growth, the 2023 figures remained below pre-COVID levels. As compared to 2019 when the number stood at 3.95 million during the same period, said the reports. India’s tourism sector is experiencing a gradual recovery after the COVID-19 pandemic, as evident from the rise in foreign tourist arrivals.
Several factors contribute to this increase, such as the easing of travel restrictions, vaccination efforts, and the progressive reopening of international borders. As per reports by Mint, on a positive note, foreign exchange earnings from tourism during the four-month period saw a good rise. As per the ministry, They were at ₹71,235 crore compared with ₹23,584 crore in the same duration in 2022.
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For perspective, India made a total of ₹2.1 trillion in foreign exchange from tourism in 2019, This was followed by a significant increase of 8.3% year-on-year.
Tourism Levels Could Still Stand To Get Better
And taking the latest data into consideration, experts believe India is well-placed to meet 2019 foreign exchange earnings. This is thanks to the tourism industry.
Approximately 23.7% of all foreign arrivals during January-April were of the Indian diaspora. A significant number of travellers, about 50%, came for a recreational purpose or a holiday.
And close to about 11% came for professional reasons. 6 % of the visitors that came to India this time, contributed to the reasons for medical tourism.
Since people were somewhat alleviated from the fear of COVID-19, tourism industries around the world have witnessed a great boom. The tourism sector of any country plays a vital role in its economy.
The rise of foreign exchange earnings in India is not only a good sign for the tourism industry but the country as a whole too. More influx of income can help the government allocate the money to needful resources.
Do you think India will be able to catch up to its pre-COVID numbers? Let us know in the comments.
Cover image courtesy: Wikimedia Commons