The India’s Tourism Ministry’s data demographics show that the tourism sector has ended up with 17% growth in foreign exchange earnings from March 2017 to March 2018 – thanks to the thriving tourism and hospitality sector in India.
The desiland of India has become a fascinating travel destination for a lot of foreigners in past few years as the rich cultural heritage, the vivid diverse society and a colourful unique country has gained international tourists’ attention. While India has always been an off-beat exotic travel destination for foreigners, there has been a major upsurge in tourism in past couple of years. The statistics provided by the Ministry of Tourism shows that there has been a rise of 17 per cent in Foreign Exchange Earnings through tourism in India during past fiscal year from March 2017 to March 2018.
As per the government, the foreign exchange earnings during the month of March 2018 were Rs 17, 294 crore as compared to Rs. 14,667 crore in March 2017 and Rs 12,985 crore in March 2016. This means, the growth rate from March 2016 to March 2017 was 13.0 per cent while that for the recent year was 17.9 per cent – translating into a growth of over 7 per cent in the growth per cent. Significantly, the time window from January to March seems to be hot favourite among foreign tourists as the FEE during that time this year was Rs. 52,916 crore.
Growth in the FEE is the best possible income for any country as it means a direct profit from foreign countries which is injected into the market. India, being a country with such a rich heritage and an extremely varied geography – it has a potential to become a tourism beehive like Singapore, Malaysia and Thailand. Developing tourism can also boost the country’s travel industry and make it trillions of dollar worth industry – which can inject finance directly to the people of India.