Tourism is an important contributor to India’s economic growth. And in a country as diverse in landscapes and culture as ours, it’s only natural that travel and tourism is as vital as it is today. In 2019, tourist arrival in the country went from 944,233 in October to 1,091,946 in November. And nearly a year before that, in December of 2018, tourist arrivals hit a record high of 1,191,147.
To give this area of the economy the importance it deserves, India celebrates the 25th of January each year as National Tourism Day. This day was recognized by the government of India as National Tourism Day in an effort to raise awareness about the impact of tourism on the country’s socioeconomic status. And here’s a look at why January 25th holds great significance for the Indian economy.
1. It creates employment opportunities
Tourism in India is a hotbed for various employment opportunities, making it one of the best sectors to promote in order to improve the rate of employment in the country. Direct jobs related to tourism include tour guides, travel agents, tour operators, and holiday planners. Furthermore, indirect jobs associated with tourism range from restaurant workers and managers to local artisans and store owners.
National Tourism Day helps promote awareness of this key economic sector and makes it possible for the common man to become gainfully employed. Records for the year 2017-18 show that over 81 million people were employed in the country’s tourism industry. That number accounted for over 12% of the Indian population, and it has only grown since then.
2. It puts India on the map globally
In terms of variety, India has a lot to offer global travelers. With the country’s landscape spreading across six major climatic subtypes, tourists can take their pick from among the snow-clad mountains in the north, the vast expanses of coastlines in the south, the arid deserts in the western regions, and the rich ecosystems in the east. Developing this sector of the economy can thus put India on the map globally, since the country has a lot to offer.
Partly because of the continued efforts involved in promoting tourism through the celebration of National Tourism Day, India was ranked 34th in the World Economic Forum’s Travel & Tourism Competitiveness Report from 2019. Achievements such as this get the world to notice the growing prospects of Indian tourism, thus contributing to economic development.
3. It increases the inflow of foreign currency
Owing to our country’s rich heritage and diverse culture, Indian tourism has various facets to offer tourists from countries across the globe. Tourism in India has evolved to include different categories, the most popular among which are cultural tourism, medical tourism, sports tourism, and heritage tourism. International travelers find this diversity intriguing, making India one of the most preferred travel destinations globally.
With a meteoric rise in foreign travelers, India also gets to enjoy the inflow of foreign currency. This, in turn, bodes well for the economic sector since it contributes indirectly to the county’s overall development, particularly if the foreign currency flowing in is stronger than the Indian rupee.
4. It improves the country’s GDP
Gross Domestic Product (GDP) is a key measure of the country’s economic growth. Essentially, it’s the total value of goods and services provided in the country during the financial year. Tourism is a part of India’s service sector, and by achieving the objectives behind the celebration of National Tourism Day, the tourism industry gets a boost, which, in turn, improves the country’s GDP.
A boost in the Gross Domestic Product can be achieved not only by promoting international tourism, but also by encouraging travelers within the country itself. And with an increasing percentage of the Indian population waking up to the joy of traveling, domestic tourist arrivals are also on the rise, contributing to an increase in the GDP.
With many recent developments in this sector, the tourism industry in India has grown from strength to strength. And there’s no better time than now to take advantage of this growth and make some travel plans yourself. Funding your trips is also easier than it has ever been, thanks to the possibility of availing a travel loan to take care of your travel expenses. On Finserv MARKETS, you can apply for the Bajaj Finserv personal loan and use it as a travel loan to make your dream trip a reality.
The Bajaj Finserv personal loan, available on Finserv MARKETS, allows you to borrow as much as Rs. 25 lakhs without the need to provide any collateral. In addition to this, you’re also given flexible repayment options and attractive rates of interest. You can choose to pay your EMIs across a repayment period anywhere between as short as 12 months or as long as 60 months, so you’re not inconvenienced in any manner. Furthermore, if you decide to avail the Bajaj Finserv personal loan, you can head to Finserv MARKETS and check your eligibility online.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.