/24-7PressRelease/ - NEW DELHI, INDIA, September 29, 2007 - A recent and exhaustive research report on “Indian Tourism Industry Forecast (2007-2011)” by RNCOS has revealed that the tourism industry in India is booming. The number of tourists arriving in India grew at a CAGR of 13.92% during the period 2004-2006.
According to the official figures released on 10th July 2007, the number of tourists arriving in India was 1.82 Million in the year 2005 and 2.82 Million in 2006. The foreign exchange earned during the first half of 2005 and 2006 was $2,661 Million and $3,307.04 Million respectively.
In January 2007, nearly 532,00 tourists arrived which is the highest number so far. During the first six months of 2007, over two million foreign tourists arrived generating over $3,589,00 Million for the country. By May 2007, the number of tourist inflow had reduced to around 267,000. The tourist inflow had increased again in June 2007 to more than 310,000. These impressive figures reveal an upbeat structure of the industry.
The RNCOS report “Indian Tourism Industry Forecast (2007-2011)” bares the information that India is likely to witness an influx of 10 Million international visitors by 2010, compared to just 5.42 Million tourists in 2007, which will represent a CAGR of 22.65%.
The World Travel and Tourism Council (WTTC) has also reported that India tourism industries will remain one of the fastest growing through the next 10-15 years and expects Indian tourism to generate $89.9 Billion by the year 2014.
The reasons for this stupendous growth, as per the report are increased traveler confidence, strong economic growth and an expected GDP of above 8% for the coming years.
RNCOS report has also cited that the growth in number of arrival of tourists in India has ensured a bright year ahead for the tourism industry. The steady inflow of foreign tourists witnessed in the last two decades is due to number of factors. The vivid Indian culture is imperative in attracting foreign tourists from around the globe to India. The splendid beauty of the virgin countryside and the matchless monuments lures the leisure tourists to the holy land. With various multinational companies setting up in India, the number of business travelers from different parts of the world have raised at an incredible level.
Moreover, the promotion campaigns like Incredible India has made India ‘Global’ and helped boosting the tourism industry of the country.
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RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
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