financetom
Economy
financetom
/
Economy
/
Economic Survey 2023: Tourism rebound post Covid raised industry’s profitability
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Economic Survey 2023: Tourism rebound post Covid raised industry’s profitability
Jan 31, 2023 10:10 AM

The Economic Survey 2023 has stated that India’s tourism sector is showing signs of revival following the easing of COVID-19 restrictions and the waning of the pandemic. It also noted foreign tourist arrivals in India in FY23 have been growing month-on-month with the resumption of scheduled international flights. However, the arrivals are still below the pre-pandemic level.

Share Market Live

NSE

The survey also points out that the profitability ratios of tourism industry is heading towards a strong rebound in the June 2022 quarter. Travel returned to normal levels in March 2022 given the higher vaccination rate and overall effective management of the COVID-19 pandemic. The hotel occupancy rate in November 2022 was around 68% to 70%, reaching the average pre-pandemic level of 2019-20.

The survey further highlighted the fact that medical tourism is on the rise due to the government’s initiatives like Ayush visa for medical tourists, the launch of the National Strategy for Sustainable Tourism and Responsible Traveller Campaign, the introduction of the Swadeshi Darshan 2.0 scheme and Heal in India.

Also Read: Economic Survey 2023 | Government expects inflation to cool off but slowly

According to the Medical Tourism Index FY21, released by Medical Tourism Association, India stands in 10th place out of the top 46 countries in the World.

Here’s the list of measures taken by the Ministry of Tourism to boost the Tourism in India:

NIDHI: The Ministry of Tourism is making efforts to register accommodation units in the country under its portal ‘National Integrated Database of Hospitality Industry’ (NIDHI). As per the survey, this database would also help in creating policies and strategies for the promotion and development of tourism.

SAATHI: System for Assessment, Awareness, and Training for Hospitality Industry (SAATHI) aims to restrict further transmission of the virus while providing accommodation and other services post-lockdown.

RCS UDAN3: The Regional Connectivity Scheme (RCS- UDAN) aims to facilitate/stimulate regional air connectivity by making it affordable. In addition to this, around Rs 104.19 core has already been reimbursed to the Airport Authority of India in the form of Viability Gap Funding (VGF) during FY21 and FY22.

LGSCATSS: Under the Loan Guarantee Scheme for Covid Affected Tourism Service Sector (LGSCATSS), working capital/personal loans are provided to households that were impacted due to the Covid-19 pandemic to discharge liabilities and restart businesses.

In addition to these, the government also offered the first 5 lakh tourist visas for free for tourists of foreign nationals visiting India. The scheme was applicable until 31 March 2022 or until 5 lakh free visas were issued, whichever is earlier.

Also Read | Economic Survey 2022-2023 projects baseline real GDP growth of 6.5% in FY24

(Edited by : Pradeep John)

First Published:Jan 31, 2023 7:10 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Redbook US Same-Store Sales Rise in Week Ended Aug. 3
Redbook US Same-Store Sales Rise in Week Ended Aug. 3
Aug 6, 2024
08:55 AM EDT, 08/06/2024 (MT Newswires) -- Redbook US same-store sales rose by 5.1% from a year earlier in the week ended Aug. 3 after a 4.5% year-over-year increase in the previous week. Redbook noted higher sales due to annual sales tax breaks in several states. Retailers offered promotions for back-to-school items. Residents of Florida focused on stocking up essential...
San Francisco Fed President Expects Rate Cuts This Year: 'Policy Adjustments Will Be Necessary'
San Francisco Fed President Expects Rate Cuts This Year: 'Policy Adjustments Will Be Necessary'
Aug 6, 2024
San Francisco Federal Reserve President Mary Daly expects a cut to interest rates at some point this year. Policy adjustments will be necessary in the coming quarter,” she said during a forum in Hawaii. “How much that needs to be done and when it needs to take place, I think that's going to depend a lot on the incoming information.”...
GlobalFoundries sees Q3 adjusted profit below estimates as inventory woes persist
GlobalFoundries sees Q3 adjusted profit below estimates as inventory woes persist
Aug 6, 2024
(Reuters) - GlobalFoundries ( GFS ) marginally beat Wall Street expectations for second quarter revenue on Tuesday but forecast third-quarter adjusted profit below expectations, indicating a slower-than-anticipated recovery in chip demand. The contract chipmaker reported a 11.5% decline in net revenue for the second-quarter as inventory levels at its customers in the Home and Industrial Internet of Things (IoT), smart...
US Dollar Rises Early Tuesday Ahead of Trade, Redbook, Consumer Sentiment
US Dollar Rises Early Tuesday Ahead of Trade, Redbook, Consumer Sentiment
Aug 6, 2024
07:40 AM EDT, 08/06/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday ahead of the release of international trade data for June at 8:30 am ET and weekly Redbook same store sales at 8:55 am ET. Consumer sentiment data for August follows at 10:00 am ET and the Atlanta Federal Reserve is expected to...
Copyright 2023-2026 - www.financetom.com All Rights Reserved