Skift Take
Several factors are playing in India's favor as a tourism source market: its population, emerging younger generation, and competition leading to reduced travel costs.
India’s outbound tourism market is expected to reach $55.4 billion by 2034, annual growth of over 11%, according to a new report by Indian commerce body FICCI (Federation of Indian Chambers of Commerce & Industry). The market is projected to reach $18.8 billion in 2024.
A report released by the Organisation for Economic Co-operation and Development (OECD) earlier this month had said that outbound travel from India is emerging as the future growth engine for global tourism. Consulting firm McKinsey and Company said the same in its report, stating that India has a fast-growing pool of first-time tourists.
According to the