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Tourism & Hospitality

India ranks 6th according to wttc in terms of travel & tourism total contribution to gdp in 2022  .

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Tourism and Hospitality, as one of India's largest service industries, plays an extraordinary role in driving the nation's growth and prosperity. 

The Tourism and Hospitality sector is an integral part of the Make in India initiative, serving as a vital economic catalyst that fuels job creation and rapid development. 

It acts as a stimulant for the growth of multi-use infrastructure, including world-class hotels, resorts, exquisite restaurants, efficient transportation networks (aviation, roads, shipping, and railways), and state-of-the-art healthcare facilities. 

India proudly boasts a tapestry of geographical diversity, encompassing awe-inspiring world heritage sites and niche tourism offerings such as captivating cruise tourism, exhilarating adventure tourism, renowned medical tourism, and mesmerizing eco-tourism. These unique offerings have resulted in an exponential increase in tourist arrivals, opening up vast employment opportunities. 

The recently announced 2023 Union Budget has firmly placed tourism as a key sector in the spotlight. The Ministry of Tourism, in its mission mode, is dedicated to promoting the industry through active participation from all States, the convergence of Government Programs, and the establishment of impactful Public-Private Partnerships. This visionary approach will facilitate comprehensive development in at least 50 selected destinations through a challenge mode process. 

Recognizing the importance of diversity and gender empowerment, the tourism industry stands as a leading employer of women. The government proactively collaborates with industry stakeholders to create a conducive work environment that fosters equal opportunities and celebrates the contributions of female employees. 

The Ministry of Tourism has also designated the Year 2023 as the 'Visit India' year, an invitation to the world to witness the splendor and magnificence that our nation has to offer. 

Embracing a progressive outlook, India welcomes 100% Foreign Direct Investment (FDI) in the tourism industry under the automatic route.  

Additionally, 100% FDI is permitted for tourism construction projects, including the development of exquisite hotels, resorts, and unparalleled recreational facilities. 

For comprehensive details, please refer to the FDI Policy, which highlights the investment opportunities and guidelines in the tourism sector. 

India's tourism industry stands as a beacon of boundless possibilities, with its rich heritage, cultural tapestry, and captivating destinations. We invite you to embark on an extraordinary journey of investment and partnership, where your vision aligns with the immense potential India holds

Foreign Tourist Arrivals (till Sept 2023)

Domestic Tourist Visits to all States/UTs (2022)

Annual Growth Rate of FTAs in India (2022)

Foreign exchange earnings (FEE) from tourism (2022)

Share of India in International Tourism Receipts (ITRs) in World

6th in terms of Travel & Tourism total contribution to GDP, WTTC (2021)

2nd in terms of Travel & Tourism Employment, WTTC (2021)

54 th  on the World Economic Forum Travel & Tourism Development Index (2022)

• FOREIGN INVESTMENT
• INDUSTRY TRENDS
• POLICIES & SCHEMES

Government of India envisions $56 Bn forex, creating around 140 Mn jobs in tourism by 2030 through inclusive growth and  particularly focusing on cruise tourism, ecotourism and adventure tourism.   

The Indian Tourism sector ranks among the fastest-growing economic sectors in the country. The industry significantly impacts employment and drives regional development, while also creating a multiplier effect on the performance of related industries.

By 2028, India's tourism and hospitality industry is projected to generate revenue of over $59 Bn. Additionally, Foreign Tourist Arrivals (FTAs) are anticipated to reach 30.5 Mn by 2028.

In light of India's G20 Presidency and the India@75 Azadi ka Amrit Mahotsav celebrations, the Ministry of Tourism has designated 2023 as the 'Visit India Year' to promote inbound travel.

The Honorable Prime Minister has envisioned a mission mode approach to develop tourism during Amrit Kaal, with a strategic roadmap for the next 25 years. The objective is to position India as the foremost travel destination globally by the time we celebrate India@100 in 2047, creating unparalleled appeal for visitors from around the world. 

Ministry of Tourism is planning to organize a Global Tourism Investors Summit along with Central Ministries and State/UT Governments to showcase opportunities for investment and trade. The event will allow global investors to explore Indian Tourism products and services.

Union Budget 2023 Highlights:

• 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism
• Sector-specific skilling and entrepreneurship development to be dovetailed to achieve the objectives of the ‘Dekho Apna Desh’ initiative
• Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme
• Unity Malls to be set up in State Capitals or prominent tourist centres

GROWTH DRIVERS

Infrastructure development.

More than half of the Ministry of Tourism’s budget is channelised for funding the development of destinations, circuits, mega projects as well as rural tourism infrastructure projects.

Hotels & Accommodation

Revenue is projected at $7.66 Bn in 2023. CAGR of 8.29% between 2023-27. 61.3 Mn potential customers by 2027

Adventure Tourism

India has 70% of the Himalayas, a 7,000+ Km of coastline, ranks 10th in total area under forest cover, and is one of the three countries in the world with both hot and cold deserts.

Medical tourism

Medical tourism and wellness retreats attract 21% of international travelers, leveraging world-class healthcare facilities and traditional healing practices.

Cruise Tourism

Cruise passenger traffic expected to increase from 0.4 Mn to 4 Mn by 2032. Increase in economic potential from $110 Mn to $5.5 Bn.

Eco-Tourism

Expected to grow at 15.7% between 2019-27 & reach $4.55 Bn. India offers unique destinations, exploration of wildlife, and pristine undisturbed natural areas.

Meetings, Incentives, Conferences, and Exhibitions

The Indian MICE market has less than 1% share currently, but with initiatives such as ‘Meet in India’, National Advisory Council for Mice, India Mice Board, MICE Tourism is projected to double in next 5 years.

Entrepreneurial Opportunities

The tourism sector has 1,300+ DPIIT recognized startups.

Industrial Land Bank Portal

Gis - based map displaying available infrastructure for setting up business operations in the state., investment opportunities in tourism & hospitality.

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Frequently Asked Questions

The Ministry of Tourism is set to host the First Global Tourism Investors Summit in 2023 in collaboration with Central Ministries and State/UT Governments. 

This mega event aims to highlight investment and trade opportunities while providing a platform for international investors to discover India's diverse tourism products and services.  

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Recognising the potential of rural tourism in the country, the Ministry of Tourism has identified Rural Circuit as one of the fifteen thematic circuits for development under the Swadesh Darshan Scheme and is aimed at leveraging tourism as a force multiple for revitalizing the rural economy and for giving both domestic and international tourists a glimpse of rural aspect of the country.

Further, Ministry of Tourism has formulated a Draft 'National Strategy and Roadmap for Development of Rural Tourism in India - An initiative towards Atmanirbhar Bharat', which, inter alia, focuses on generating income and jobs in rural areas and empower local communities, youth and women, fulfilling the vision of Aatmanirbhar Bharat.

The GOI has identified 78 lighthouses in the country as centres of tourism, which are in the first phase under Public Private Partnership (PPP). The identified lighthouses are in Gujarat, Maharashtra, Goa, Karnataka, Kerala, Lakshadweep, Tamil Nadu, Puducherry, Andhra Pradesh, Odisha, West Bengal and Andaman and Nicobar Islands. The GOI has kick started the ‘lighthouse tourism’ project by inviting initial qualification bids to develop eight lighthouses in the first phase, at a cost of INR 128 crore, under the public-private-partnership model for 7 lighthouses.

The goal of the revamped Swadesh Darshan 2.0 Scheme is to develop sustainable and responsible tourism destinations in the country. The scheme is aimed at 360-degree holistic development with a focus on increasing self-employment, youth skilling, private sector investments, and preserving local cultures.

The strategic objectives of the Scheme are: (i) To enhance the contribution of tourism to the local economies (ii) To create jobs including self-employment for local communities (iii) To enhance the skills of local youth in tourism and hospitality (iv) To increase private sector investment in tourism and hospitality (v) To preserve and enhance the local cultural and natural resources  

Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive (PRASHAD) scheme focuses on developing and identifying pilgrimage sites across India for enriching the religious tourism experience. It aims to integrate pilgrimage destinations in a prioritised, planned and sustainable manner to provide a complete religious tourism experience. As on date, total number of destinations/sites identified for development under the scheme at present are 68 in 30 states/UTs.

Market Research

Annual report 2022-23 | ministry of tourism, india tourism statistics at a glance 2022, union budget 2023-24: analysis report, economic survey 2022-23, global innovation index 2022, government ministry/department.

• Indian Institute of Tourism and Travel Management
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• National Council for Hotel Management and Catering Technology

Industry Associations

• Association of Tourism Trade Organizations, India
• Adventure Tour Operators Association of India
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• Hotel Association of India
• Indian Association of Tour Operators
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India’s tourism sector witnessed mega growth in 2022.

Gaurav Gupta

Gaurav Gupta, Founder & CEO, Tripclap.com.

Post Independence, India has evolved as a tourism hotspot for multiple reasons. From being a bridgehead for commerce and trade, to being a showstopper because of its captivating scenic spots and sightseeing areas, the idea of travel has changed drastically over the years.Owing to its extensive attractions and rich heritage, the country has always been one of the most rewarding and multicultural melting pot for any explorer. Tourists from different countries have been visiting India to witness its traditions and incredible cultural heritage, which are the factors that laid the foundation of the Indian tourism sector contributing about five per cent to GDP.

The Covid-19 Pandemic has made everyone yearn for travelling and exploring new places. With international borders not opening up completely, and parts of the world battling the virus, India appears to have unplugged a plethora of opportunities for travellers and wanderers across genres. The rise of millennials and GenZ as an all new breed of tourer, has redefined the term ‘tourism’. Over the past two years of pandemic, a couple of buzzwords such as staycations and workations have emerged as the trending guiding principles for these groups of travellers. Youths nowadays are eager to safely explore nature, and they are thriving to get access to high-quality infrastructure and a lively, welcoming environment without having to break the bank. The hybrid work model has evolved into a ‘work from anywhere’ solution, hence helping workations continue to rule the roost.

Travel destinations and accommodations are investing in women-centric tours as a result of the increased demand for solo female travel in India. Hostels are also aimed toward providing secure areas for women to dwell in a communal environment. This trend is poised for greater expansion in the upcoming year as more hostels and homestays provide particular accommodations for female travellers travelling alone. States all throughout India are advertising their unique places, which are providing adventurous travellers with fresh experiences. Generation Z and millennial travellers go to these uncharted regions and open doors for local communities’ development there.

The Indian Tourism Statistics 2022 report reveals India receiving 677.63 million domestic tourist visits in 2021. The percentage has increased by 11.05% from 610.22 in 2020. The top states in terms of domestic visits were Tamil Nadu at 115.33 million, Uttar Pradesh at 109.70 million, Andhra Pradesh at 93.27 million and Karnataka at 81.33 million. It’s interesting to note that the dynamics of travel around the world now appear entirely different from how they did before two extremely chaotic and passive years. 2021 saw the beginning of the recovery for the country’s tourism sector, with maximum countries contributing to Foreign Tourist Arrivals (FTAs) numbers in India. Total FTAs in India surged by 406.6% to 2,764,975 from January-July 2022 compared to the previous year. During this period, the US was the top contributor to FTAs in India, at 25.88%, followed by Bangladesh (18.61%), the UK (10.99%) and Australia (5.16%); the US was among the top 15 source nations.The survey discovers that wanderlust abounds with a strong desire to seize the experiences that travel offers in the post-Covid climate. Taj Mahal became the most-visited ticketed ASI Site for Domestic tourists in FY 21-23, followed by the Red Fort and the Qutub Minar, which received the second and third most visitors. The sharp rise in FTAs is a result of many driving forces that include the COVID-19 Vaccination campaign, the ‘Heal in India’ and ‘Heal by India’ campaigns announced by the Indian Government in May 2022, and several other infrastructural measures.

The country has also registered higher spending on leisure tourism compared to business spending tourism. With about 18% of Indians travelling for work within the nation, India is far ahead of its international rivals in this area. Owing to a resounding spike in booking during 2021-2022, the outlook of the Indian Tourism industry for the next decade looks bright and seems to expand exponentially. The tourism industry is raring to explore new frontiers and reinvent itself in order to keep up with the times.

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• Tourism Growth In India

Tourism Growth in India

For a country that is surrounded by the Himalayas to the north, the Indian Ocean to the south, The Bay of Bengal to the east, and the Arabian Sea to the west, India quite hasn’t tapped into the full potential of tourism. Even the tourism industry is the largest service sector in India, the tourism growth in India is something that is still a work in progress.

With 37 UNESCO heritage sites and a land blessed with rich heritage and cultural diversity, each region in India has a unique story to tell. People have different expectations for tourism. Some prefer beaches, while others may like forests, some other people may be into deserts, etc. No matter what the preference, India has different regions to cater to everyone’s expectations. 

As per the WTTC (World Travel and Tourism Council), about 9.2 percentage of India’s GDP in the year 2018 came from Tourism. From just over 2 million tourists in 2000 to over 42 million jobs in the Indian travel and tourism industry in 2018, and 10 million foreign tourists visiting the country in the same year, the growth of tourism in India has been steady. Despite these good tourism growth statistics , India has a long way to go to fully exploit this domain.

Tourism History in India

The idea of tourism can be dated back to the beginning of the human race itself. In ancient India, tourism was mainly for the purpose of commerce and trade. Emperors and kings such as Ashoka and Harsha travelled to different destinations and established trade routes. Along their journey, they implemented rest houses, stations for food, as well as developed the roads for the comfort of the travellers. Later on, a foreign form of tourism started when Persians, Portuguese, and a few others visited India for the purpose of commerce. The purpose soon starting changing into leisure, religious, and so on.

It was until after the independence in 1945 that an official tourism planning started by the government. The Indian Tourism Development Corporation was implemented in the year 1966 to improve the infrastructure and begin the focus on evolving tourism in India. Following this, the first tourism policy was formed in 1982, and the main focus of it was to improve tourism in order for economic growth. Based on this, in 1986, the Planning Commission of India started the National Committee on Tourism to start with the plans. As a result, over the years there have been several 5-year plans to make India into a global tourist attraction. 

Tourism Development in India

The growth of tourism in India, although steady, is quite not up to the expectation. For a country with a population of 1.25 billion people, that is a minimum of 1.25 billion tourist visits. India, as a result, is doing great when it comes to domestic tourism with over 1.6 billion tourist visits to other states. However, when it comes to international tourists, this isn’t the case. The FTAs ( Foreign Tourist Arrival) in India is way below other developed countries. With an FTA of just over 10 million, it is almost one-eighth of what France has. Granted that this could be due to the free travel between Schengen countries, but there are several non-Schengen European countries, as well as other nations, such as Mexico, Turkey, Russia, etc that have FTAs more than twice that of India. One of the main reasons for this is the stringent immigration rules in India. Apart from this, other reasons that restricted a full flow of tourism in India were underdeveloped travel infrastructure, poor sanitation, as well as concerns about safety. These are aspects that every tourist look for while visiting a country. 

However, thanks to several initiatives by the Govt. of India, these issues have almost completely disappeared. Campaigns such as Incredible India, Atithi Devo Bhava, India has become a welcoming nation to tourists from all around the world. Thanks to the e-visa facility for tourist purposes, travellers from more than 100 countries can get into India with ease. There are even countries who do not need a visa for India. With the government investing heavily in tourism, as well as easing the regulations on FDI (Foreign Direct Investment) allowing for 100%, the Indian tourism industry has started to flourish significantly.   

Scope of Tourism in India

The future of tourism in India is golden. From earning 27 billion USD from tourism in 2017, the earnings are expected to be around 50 billion USD by the year 2028. With a large scale development being initiated, India aims to be at the top of the tourism economies only behind China, US, and Germany.  As per the expectations, the travel and tourism industry’s contribution to the Indian GDP will jump from around 200 billion in 2017 to a massive 424 billion by 2027. A large number of countries have tourism as their main source of income. This has instigated the Indian government to give a larger focus on tourism. India’s route to be becoming the largest world economy can only be accomplished by fully realizing the potential of tourism. 

For full tourism growth in India , we need to address the different types of tourism that exists in India to its full possibility. Tourism is a sector that has its branches in almost every other industry. There are numerous types of tourism that exist in India. For the main types, the scope of tourism in India is broadly classified into the following- 

Medical Tourism

Medical tourism in India is a billion dollar industry that is at its peak. India is a major destination for people around the world seeking medical treatment. Due to the medical sector being backed and promoted by the government, this has flourished significantly in the last few years. By 2020, the income from medical tourism is expected to be around 9 billion USD. 

Even in the US, most of the people working in healthcare are Indians. As a result, there is no shortage of skilled Indian medical workers in the world. Couple this with the low-cost, high-quality healthcare in India and English speaking professionals, you get the perfect recipe for excellent medical facilities. This is what attracts tourists. Instead of paying almost 4-5 times the medical expenses in India, in their country, they can obtain a better, if not equal, level of service in India. For example, open heart surgery costs up to 70000 USD in the UK. And, the same procedure can be performed in India for a maximum of 10000 USD. Due to massive differences in the costs, there is a large influx of tourists visiting India for these purposes. 

Eco-Tourism

In layman term, Eco-tourism is simply the form of tourism in which a tourist visits a place without disturbing the environment and respecting the local culture and people. Eco-tourism in India is a new approach taken to preserve the ecosystem and heritage. This type of tourism is largely beneficial to the local people. By directly involving in this, they ensure that the environment and natural resources are protected. 

In India, the hotspots for this are common in the western and eastern ghats, Himalayan areas, Kerala, Northeastern states, Andaman and Nicobar islands, and Lakshadweep. The importance of eco-tourism is significantly high. To maintain the balance of the ecosystem, it is necessary to preserve the flora and fauna, especially those of endangered species. With an increase in tourists, these are threatened. As a result, the government has initiated eco-tourism to counter this issue.

Religious Tourism

The birthplace of 4 major religions, namely Buddhism, Hinduism, Jainism, and Sikhism, pilgrimages have been a part of the country since early ages. Along with these, due to the invasion by the Mughals, and Portuguese and French colonializations, imprints of other religions like Islam and Christianity have been established in India. Tourism to monasteries, temples, mosques, churches, as well as other religiously significant places includes religious tourism. Until recently, this form was mainly domestic. However, due to recent developments, these sites have started attracting foreigners. Most of the tourism in this domain has been to the state of Tamil Nadu, known for its ancient temples, statues, and caves, etc.

Cruise Tourism

With a large capacity for development, cruise tourism in India is an upcoming industry. Being the most luxurious of the world’s tourism industry, its effect in India has been limited due to several reasons. However, recent initiatives and developments have opened up a pathway to improve this sector. Cruises are basically ships or boats that provide special amenities like pools, hotels, restaurants, etc along with the journey from one destination to another. As of now, cruise tourism is limited to river tourism, and other forms of domestic tourism with cruises mainly operating between Mumbai-Goa, as well as to Maldives, Lakshadweep, and a few other places. River tourism in India can be seen in the river Ganges, and in the backwaters of Alleppey in Kerala.   

Adventure Tourism

Being a modern form of tourism targeting adventure enthusiasts, adventure tourism involves exploring and travelling to remote areas and exotic locations. These activities can include trekking, white water rafting, skiing, surfing, rock climbing, skydiving, and so on. India, being very diverse in terms of even terrains and climates makes several types of adventure tourism possible. The adrenaline pumping nature of this attracts a large number of tourists from all over India as well as the world. The most notable mentions are Uttrakhand, Himachal Pradesh, The Himalayas, Ladakh, etc.

Wellness Tourism

Similar to healthcare, India is a well-known hotspot for spirituality and wellness. With an environment that enhances tranquillity, India attracts quite a number of people for various activities that are focused on improving one’s health and wellness. Body massages, yoga, meditation training, nutrition programs, etc are a few of the services under this category.   

Cultural Tourism

One major thing that separates India from other countries is its rich culture and heritage. And this is also one of the main reasons why tourists visit the country. With several fairs, festivals, architectural sites, and so on, the cultural tourism in India is booming and is always going to be a crowd puller. Being ruled by several rulers in the past, they all left behind a piece of their history and heritage leaving an impact on the country. As a result, every region in India has a different array of culture, food, music, and tradition. Some of the major states for these are Tamil Nadu, Uttaranchal, Uttar Pradesh, etc.

Leisure Tourism

Known for the coastal lines, hill stations, and lakes, people visiting India to enjoy these come under the category of leisure tourism. Even though a significant amount of this is domestic, it certainly does attract several foreigners too. The French colony of Pondicherry and the Portuguese influenced Goa are two of the most visited places for its beaches, attracting several foreigners. Mount Abu, Kullu-Manali, Ooty, Mahabaleshwar, etc are famous hill stations that attract a lot of domestic tourists. 

Apart from these, there are a few other types of tourism that exist in India. However, since these are the most important ones, future tourism growth in India in these sectors can increase the statistics significantly. 

Impact of Tourism in India

The development of tourism is something that affects the entire nation. The impact of tourism on a country is much more than just revenue. Directly or indirectly, tourism influences a number of sectors as well as key areas such as environment,  heritage, infrastructure, economy, employment, etc. The following are the 2 major areas that are grateful to tourism for their development. 

The impact of tourism on the economy of India is a major one. Currently, the amount of GDP from tourism is more than 9 per cent. That is quite a significant number which is still climbing. With over 10 million international tourists visiting the country, the FEE (Foreign Exchange Earnings) has reached over 275 million USD in 2018. These numbers are expected to grow at a rate of about 9.4% per year. In a few years, the economic impact due to the growth of tourism will usher India to become one of the most developed countries in the world. 

The impact of tourism on Indian economy can be classified in 3 different ways namely, direct, indirect, and induced. The direct impact, as the name suggests, refers to the areas where the economy is directly affected by tourism. These include sales from the accommodation, travel, food, entertainment activities, as well as other sectors that involve the tourists spending directly. Indirect economic impacts or secondary tourism impact on the economy are due to other factors which affect tourism indirectly. They are also affected by sales of additional services or products that do not directly affect tourism such as investments, commissions, employee wages, buying raw materials for hotels and restaurants, etc. Indirect contribution accounts for a larger portion of the revenue from tourism. The third and last type, Induced spending is simply the recirculation of money within a region. When a tourist spends money on anything, it undergoes a multiplier effect which goes into the local economy. Ie, if a foreigner spends 100 dollars on a hotel, the hotel owner again spends 10 dollars on food, another 10 for groceries, another 10 for cleaning, and so on thereby spending it within the local community.

The impact of tourism on employment generation is significantly high. With every 1 out of 10 people working in the tourism sector, the tourism industry accounts for about 10 per cent of the total jobs. To be precise, this is actually a subset of the effects of tourism on the economy. Directly or indirectly, there is a large number of people working in the sector. Direct employment refers to the people working in the tourism sector directly, such as travel agents, ticketing officers, tour guides, etc. Indirect employment is used to describe the people in jobs such as manufacturing vehicles used in tourism, restaurants providing food served to the tourists, etc. As of  2018, there are almost over 40 million Indians working in the tourism industry. Another interesting fact that shows the tourism impact on employment is the employment multiplier effect. According to this, a person directly involved in the field creates a multiplier effect to produce several other jobs. For example, let's say a person works as a tour guide. Now, while he is on a tour, he will have to eat food, buy clothes and so on. As a result, this creates an opportunity for someone else to start up a clothing store or a restaurant thereby increasing employment opportunities. 

Government Initiatives to Develop Tourism

To ensure that India reaches its true potential for tourism, the Govt of India has implemented several policies over the years to encourage and develop tourism. Some of the main government initiatives to promote tourism in India are as follows - 

Incredible India

The ‘Incredible India’ campaign is one of the most famous initiatives by the Indian government. Started officially in 2002, this campaign has made Indian tourism quite the household name in all corners of the world. The initial phase of the initiative was to increase the number of foreign travellers by promoting India for its culture, history as well as wellness activities such as yoga, and spirituality. As a result of its positive reception, the campaign was renewed as ‘Incredible India 2.0’ in 2017 which focuses more on niche tourism sectors such as heritage, cruise, adventure, as well as medical tourism. 

Atithi Devo Bhava

To complement the ‘Incredible India’ initiative, the Indian government initiated another campaign known as ‘Atithi Devo Bhava’ which translates to ‘guest is god’. Released in 2008, the purpose of this was to educate and enlighten the local population on good behaviour and etiquette while welcoming foreign tourists to ensure that the tourists feel welcomed. The campaign also provided training to individuals directly dealing with the tourists, such as police, immigration officers, taxi drivers, tour guides, etc. 

Adopt a Heritage

Released in 2017, the ‘Adopt a Heritage’ scheme is a policy focused on preserving and protecting the heritage. Through this, the government encourages parties from the private or public sector to adopt a monument or heritage site, and ensure the development and maintenance of these. These include providing drinking water to tourists, keeping the area clean, surveillance, and so on. Since this is a win-win scenario for both the government, as well as the volunteers, it saw an overwhelming response with several monuments and heritage sites being maintained by external groups. 

The implementation of the e-visa scheme in 2014 has significantly helped the growth of tourism in India. Previously, due to strict visa rules, tourists often found it cumbersome to visit India. However, ever since the release of the e-visa, tourists can simply apply for the visa on an online portal, thereby making it extremely straightforward to get a visa. Initially, only 44 countries had access to these, but recently this has been increased to almost 165 countries. Even though currently there are e-visas in the form of tourist visa, medical visa, and business visa, the government has already started initiatives to expand this. 

Swachh Bharat

The Swachh Bharat (Clean India) mission has significantly helped in improving the number of visitors to India. Previously, one of the reasons for the low statistics in terms of foreign arrivals was the lack of good sanitation and cleanliness in several areas of the country. Launched in 2014, and recognized as the largest behaviour change initiative in the world, this campaign focused on making India a cleaner country.

The development of the tourism industry is one of the hurdles that stand in front of India and true greatness. With numerous benefits coming from improving tourism, it is a vital element that needs to be focused on. However, despite the government’s role, it is also the duty of the citizens of India to help to improve this and grow tourism in India. Even though foreign tourism is the one generating large revenues, domestic tourism is equally important. After all, it is a necessity to discover your own backyard.

21 Jul, 2019 By rifahth ms . Posted In Career . Tagged travel and tourism career , Travel Industry Growth , Tourism Scope .

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• Travel and tourism sector in India will continue to witness impressive growth

It is important to have strategic redistribution of tourism across diverse geographies, fostering inclusivity and exploration beyond traditional hotspots.

• Amit Jain ,
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• Published On Mar 23, 2024 at 12:00 PM IST

The travel and tourism sector has been robust and vivacious in a world of constant change and uncertainty. The rising demand for hospitality services, busy airports, and well-known travel destinations make it clear that tourism is more than just a recreational activity - it is a vital component of global economic expansion. Notwithstanding obstacles, the industry grew at a never-before-seen rate in 2023, paving the way for a comeback driven by unmet demand in 2024 and beyond. As per recent reports, the industry is expected to contribute significantly to the global GDP and employment creation by 2030, indicating that it is on a solid trajectory. As we move ahead, Amit Jain – Founder, Bookntravel , believes that the robust travel sentiment will continue, and anticipates a sustained surge in demand from the travellers. Here are a few compelling factors that will drive the exponential growth of the travel and tourism sector. Advt Constant rise of spiritual tourism Travel is at an all-time high. And spiritual tourism is the new trend among travellers which also includes meditation, mindfulness getaways along with silent retreats. India has always been known as the land of spirituality and the vibrant spiritual destinations hold a special charm in the hearts of Westerners too. A big spike in spiritual tourism can also be attributed to the Government’s plan of reviving religious destinations across the length and breadth of the country. From showing their gratitude for good health to wanting to rejuvenate and break away from their stressful lives, people are visiting several spiritual places across India. The concept of spiritual tourism is also gaining momentum among India’s Gen Z and millennials. We are witnessing an uptick in demand emerging from India’s metros and mini metros, in addition to tier 2 and 3 cities. Unexplored destinations and adventurous trails on tourists’ minds The travellers are now showing increased interest in travelling to previously unexplored destinations. The millennials are more open to exploring new locations as they feel confident, connected and are more open to change. Every state in India has very unique and different flavours to offer to each tourist depending on the traveller’s interests, be it leisure, spiritual, adventurous, cultural etc. Much like the US, India has a staggering array of travel experiences - from deserts, forests, and mountains to beaches, cities, and heritage. With a target to attract foreign tourists to India and also improve the country’s ranking in the World Tourism Index, several steps are being undertaken to explore the untapped tourism potential of the country, especially of the lesser-known destinations. Advt Continued pent-up wanderlust Wanderlust is a latent, often forgotten travel motivation that is a part of a person’s personality. It's a part of human nature to explore new places and discover new things. Travelling is a form of art that can broaden one's horizons, expose them to different cultures, and help them gain a new perspective on life. The longing to immerse in diverse cultures remains unwavering. Resilience and insatiable curiosity fuel our wanderlust, undeterred by adversity. Modern travellers are increasingly seeking adventure to satisfy their pent-up wanderlust. The joy of travel is multifaceted and it's an experience that can enrich your life and broaden your perspective. We believe that as we move ahead this year, the pent-up desire to travel will keep demand strong. Stronger infrastructure boost The government’s continued focus on infrastructure with the setting up of new airports, expansion in rail, road and waterways, as well as development of high-growth areas such as religious circuits and underleveraged hidden gems will not only contribute to the nation’s growth but will also fuel the future growth of the travel and tourism sector across the country. These infrastructure improvements showcase India's independence and make it simpler to visit well-known historical locations, contributing to the country's boom in tourism. Overall, we need a cohesive approach that would encompass the public and private sector on one hand, and the government (state and central governments , and local authorities) on the other hand, in order to continue developing world class tourism infrastructure. Technology to the advantage India's travel and tourism industry has undergone a drastic technological transformation, making it easier for people to plan and book trips. The availability of wide options related to mobile apps, online booking platforms, and travel-related websites provide convenience and accessibility, driving more people to travel. Overall, technological advances have changed the way we travel, and these new developments promise an even more interactive and exciting experience. The travel and tourism enterprises that will flourish in the coming years are those who can provide both spontaneity and ease of use via a mobile-first strategy. Technology has truly given wings of convenience to the travel and tourism industry as it soars towards success. The rise of disposable income and the growing number of millennials With more than 400 million of the country's total population, India has one of the largest millennial populations. Together with GenZ, they are estimated to comprise 50 percent of India's population by 2030. They're a powerful demographic with potent purchasing power, driving a wave of change and reshaping the future of travel. They are explorers at heart, and uninhibited in trying out novel experiences. Also, with the buoyant growth in the Indian economy, the Indian middle class has higher disposable income. This often results in more people having the financial means to travel for leisure, which is driving domestic tourism. The segment is likely to grow further with growing disposable income, increasing inclination towards travelling across age groups and emergence of new destinations as well as new themes of tourism. Going forward, it is also important to have strategic redistribution of tourism across diverse geographies, fostering inclusivity and exploration beyond traditional hotspots. The resilience of the travel and tourism industry is a beacon of hope and a benchmark for other sectors. This growth trajectory speaks volumes about the sector’s untapped potential as a key driver for economic growth, employment generation, and infrastructural development. The author, Amit Jain, is founder Bookntravel.

• By Amit Jain ,
• Updated On Mar 23, 2024 at 12:00 PM IST

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Development of Tourism in India, Current Landscape, Government Initiatives

Tourism in India holds immense potential as a significant contributor to country's economy, despite facing various challenges. Read this article for Opportunities for Development of Tourism in India.

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Development of Tourism in India

Tourism in India holds immense potential as a significant contributor to the country’s economy, despite facing various challenges. With its rich cultural heritage, diverse landscapes, and historical monuments, India has always been a magnet for travellers from around the globe. However, the development of this sector has been met with both successes and hurdles.

Current Landscape and Economic Impact of Tourism in India

Tourism in India contributes approximately 4.6% to the nation’s GDP, as per the Ministry of Tourism. Despite not being prioritized by the government, the sector plays a vital role in job creation, supporting over 32 million jobs in 2021. The World Travel and Tourism Council reported that in 2021, tourism generated ₹13.2 lakh crore (US$170 billion), accounting for 5.8% of India’s GDP.

However, the COVID-19 pandemic significantly impacted tourism, leading to a decline in foreign tourist arrivals by 44% in 2022 compared to 2019 figures. Nonetheless, India’s domestic tourism market remains robust, with over 1 billion domestic tourist visits recorded in 2012.

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Strengths and Challenges in India’s Tourism Sector

India possesses numerous strengths that bolster its tourism sector. The country’s cultural and natural resources, including historical monuments, scenic landscapes, and diverse wildlife, attract travellers worldwide. Additionally, India’s air transport infrastructure and natural resources are highly regarded globally.

However, the sector also faces several challenges. Infrastructure deficiencies, such as inadequate road networks and outdated facilities, hinder the tourist experience. Moreover, safety concerns, including issues related to women’s safety and petty crime, can deter potential visitors. Additionally, bureaucratic red tape and complex visa procedures have been cited as barriers to tourism growth.

Opportunities for Growth and Development of Tourism in India

Despite the challenges, India’s tourism sector offers ample opportunities for growth and development:

• Diverse Attractions: From historical monuments and cultural festivals to scenic landscapes and adventure sports, India offers a wide range of tourist attractions. Leveraging these diverse offerings can attract travellers with varied interests and preferences.
• Cultural Experiences: India’s rich cultural heritage and traditions provide unique experiences for tourists. Promoting cultural tourism, including heritage walks, culinary tours, and traditional art forms, can attract visitors seeking authentic cultural experiences.
• Medical Tourism: India has emerged as a leading destination for medical tourism, offering high-quality healthcare services at competitive prices. With state-of-the-art hospitals and skilled medical professionals, India attracts patients from around the world for treatments ranging from surgeries to wellness retreats.
• Rural and Eco-Tourism: There is growing interest in experiential and sustainable tourism experiences, such as rural homestays, wildlife safaris, and initiatives. Encouraging community-based tourism initiatives can benefit rural economies while conserving natural resources.
• Digital Transformation: Technology plays a crucial role in enhancing the tourism experience, from online booking platforms and virtual tours to digital marketing strategies. Embracing digital innovations can improve accessibility, convenience, and connectivity for travellers.

Government Initiatives to Promote India’s Tourism Sector

The Government of India has taken several initiatives to promote tourism development:

• Policy Support: The Ministry of Tourism formulates national policies and collaborates with stakeholders to develop and promote tourism. Efforts are underway to simplify regulations, improve infrastructure, and enhance the overall tourism experience.
• Incredible India Campaign: The Incredible India campaign showcases India’s tourism potential through multimedia campaigns, roadshows, and promotional events. It highlights the country’s cultural diversity, natural beauty, and hospitality to attract international travellers.
• Niche Tourism Promotion: The government is focusing on promoting niche tourism products such as rural, cruise, medical, and eco-tourism. Specialized marketing campaigns and infrastructure development initiatives are aimed at tapping into niche markets and diversifying the tourism portfolio.
• Public-Private Partnerships: Collaborations between the government, private sector, and local communities are essential for tourism development. Public-private partnerships facilitate investment, infrastructure development, and skill enhancement in the tourism sector.

Future Outlook For Tourism Development in India

Despite the challenges posed by the pandemic and other systemic issues, the outlook for tourism in India remains optimistic. With concerted efforts from the government, private sector, and other stakeholders, the sector is poised for growth. Forecasts suggest that tourism could contribute 7.2% of India’s GDP by 2031, underscoring its potential as a key driver of economic development.

In conclusion, tourism development in India presents challenges and opportunities. By addressing infrastructure deficiencies, promoting niche tourism products, and prioritizing safety and security, India can unlock the full potential of its tourism sector and emerge as a premier global destination for travellers.

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Development of Tourism in India FAQs

What is the current development of tourism in india.

Today tourism is the largest service industry in India, with a contribution of 6.23% to the national GDP and providing 8.78% of the total employment.

What is the role of tourism in development?

In developing countries, tourism development has been used as an important strategy for increasing economic growth, alleviating poverty, creating jobs, and improving food security.

What is the importance of tourism in India?

Tourism in India has grown substantially. It promotes National Integration and provides support to local handicrafts and cultural pursuits.

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History of tourism in India: Growth and Development

• November 22, 2023

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India, one of the world’s oldest civilizations, is a mixture of numerous cultural stories. The country is one of the most sought-after journey destinations within the world, with a wealth of attractions and a rich historical legacy. Stretching from the snow-covered Himalayan heights to the tropical rain forests of the south, it encompasses an area of 32,87,263 sq. km. India, the 7th-largest state internationally, is distinguished from the rest of Asia by means of its precise topography, that is shaped via mountains and the sea.

History of Tourism Development

In 1945, the authorities of India established a committee headed by Sir John Sargent, who served as the government’s educational adviser at the time. This marked the beginning of deliberate attempts to broaden tourism in India (Krishna, A.G., 1993). Following that, a deliberate technique to tourism improvement was followed in 1956 alongside the second  five year Plan. From the isolated making plans of single unit facilities within the 2nd and 3rd five year Plans, the technique has evolved. With the implementation of the 6th Plan, tourism turned into a key tool for each financial boom and social integration, ushering in a new generation.

But, the tourism industry failed to  take off until the 1980s. The authorities made some essential decisions. In 1982, the National Policy on Tourism was declared. A comprehensive plan for reaching sustainable tourism growth was advanced later in 1988 by using the National Committee on Tourism. A National action Plan was created in 1992, and the National Strategy for Tourism Promotion was written in 1996. The central and state governments, public sector initiatives, and the private sector were acknowledged for their contributions to the increase of tourism in 1997 by the brand new Tourism coverage. It has also been acknowledged that the improvement of tourism facilities calls for the participation of Panchayati Raj establishments, neighborhood authorities, non-governmental agencies, and the youth of the area.

Present Condition of Tourism Sector in India

With 6.23% of India’s GDP and 8.78% of all jobs generated with the aid of the sector, tourism is currently India’s biggest service sector. Over five million foreign tourists and 562 million domestic travelers visit India every year. At a 9.4% annual growth rate, the tourism region in India is anticipated to generate about US$275.5 billion through 2018 from about US$ a hundred billion in 2008.  In addition “Incredible India” marketing campaign, the Ministry of Tourism is the primary organization for the growth and promotion of travel to India.

India’s Tourist Attractions:

India is famous for treating all of its visitors, irrespective of their origins, with richness. Its welcoming customs, diverse population, wealthy cultural legacy, and colorful fairs and fairs furnished tourists with long-lasting draws. Some of the other sightseeing locations are: technological parks and technology museums for science tourism; centers of pilgrimage for non spiritual tourism; beautiful beaches, forests, and natural world and landscapes for eco-tourism; snow, rivers, and mountain peaks for journey tourism; historical past, trains, and accommodations for historical past tourism. vacationers are drawn to yoga, ayurvedic, and herbal fitness .

Overseas tourists primarily purchase Indian handicrafts, particularly rings, carpets, leather goods, ivory, and brass work.

The market research report “Booming Medical Tourism in India” claims that despite the economic downturn, medical tourism is the tourism industry segment in India that is expanding the fastest. The report goes on to say that there is a lot of potential in the medical tourism sector in India. Its allure as a medical tourism destination is increased by elements like the low cost, scope, and variety of treatments offered in the nation.

The market research studies report “Booming medical Tourism in India” claims that notwithstanding the financial downturn, medical tourism is the tourism industry segment in India that is increasing the fastest. The file goes on to say that there is a lot of capacity in the medical tourism sector in India. Its attraction as a scientific tourism destination is extended by means of factors just like the low cost, scope, and variety of remedies supplied in the country.

Advantages of Tourism Industry

Growth in  employment and profits: In India, tourism has grown to be a tool for lowering poverty, creating jobs, and creating sustainable human development. It makes up 8.78% of all jobs in India and 6.23% of the India’s GDP. There are presently about 20 million employed in India’s tourism sector.

Increase in forex profits: In India, tourism contributes significantly to foreign exchange income. This is useful to the state’s stability of payments. At a 9.4% annual growth rate, the tourism sector in India is anticipated to generate approximately US$275.five billion through 2018 from approximately US$100 billion in 2008.

Preservation of the Environment and National Heritage: by designating positive locations as heritage sites, tourism contributes to the preservation of some of historically great places.  For Example, if the Tourism branch had not worked on preserving the Taj Mahal, the Qutub Minar, the Ajanta and Ellora temples, and many others., they would have been destroyed . Similarly, tourism contributes to the upkeep of many endangered species’ natural habitats.

India’s tourism area is expanding and has a enormous ability to reinforce the nations overall financial and social improvement in addition to creating jobs and bringing in considerable amounts of forex. However a lot of extra work desires to be achieved. For tourism in India to make a contribution to the protection and sustainability of the diversity of the country’s natural and cultural environments, ecotourism must to be endorsed. The development of tourism in India has to prioritize the sustainable development of indigenous cultures inside the areas it operates in, while also imparting accommodations and entertainment for tourists in a way that minimizes any negative effect on the surroundings.

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Sustainability in tourism - Reimagining India’s sustainable tourism evolution

This report highlights the necessity for integrating sustainability across all tourism activities to ensure the sector's resilience and responsibility

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This report on sustainable tourism in India delves into the critical need for integrating sustainability into the heart of the tourism sector. The report provides a comprehensive analysis of sustainable tourism in India, outlining the impact of the COVID-19 pandemic on tourism, the recovery trajectory, and the strategic focus on sustainable tourism. It highlights the necessity for integrating sustainability across all tourism activities to ensure the sector's resilience and responsibility. With a projected, significant growth in the sustainable tourism market, the document emphasises embracing sustainable practices, enhancing digital infrastructure, and fostering community-based tourism models. It aims for a balanced approach to development, prioritising economic growth alongside environmental stewardship and social inclusiveness. The report also outlines actionable pathways for stakeholders to adopt sustainable practices, ensuring the long-term viability of tourism in India while preserving its rich cultural and natural heritage for future generations.

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Recovery in tourism, higher electronics exports to drive growth in India, South Asia: Moody's

Electronic goods, which account for 6% of India's total export value, clocked significant growth in April-January of FY24, coming in at $22.64 billion from $18.78 billion a year ago.

New Delhi: A recovery in tourism and higher electronics exports will give India and other South Asian economies an additional lift from the pandemic-induced slowdown and its aftershocks, Moody's Analytics said in a report on Friday.

"India and Southeast Asia have seen some of the largest output losses globally," said the report, titled 'Global Outlook: Taking Stock', "but stronger growth in the latter half of 2023 has allowed them to make back some lost ground".

Electronic goods, which account for 6% of India's total export value, clocked significant growth in April-January of FY24, coming in at $22.64 billion from $18.78 billion a year ago. But India's export values across all commodities declined to $351 billion during April-January from $366 billion a year ago, underlining the impact of the global economic slowdown and the tightening of interest rates in Western countries.

Challenges such as the geopolitical tensions in Ukraine and West Asia, and trade route disruptions in the Red Sea region have exacerbated the situation by increasing oil prices and transport costs.

Meanwhile, the Indian hotel industry is expected to report 7-9% revenue growth in FY25, with occupancy likely to be at decadal highs, ratings agency ICRA said in a recent report. The report added that the sustenance of domestic leisure and business travel, and demand from meetings, incentives, conferences, and exhibitions (MICE) are likely to drive demand in FY25 despite a lull during the Lok Sabha elections.

As things stand, India remains the world’s fastest-growing major economy. In December the Reserve Bank of India (RBI) revised its growth forecast for the economy in FY24 to 7%, up from its previous projection of 6.5%. This revision was due to higher-than-anticipated growth in the first two quarters of the financial year. The union government's estimate for GDP growth in FY24 is higher at 7.6% on the back of better-than-expected growth during the first three quarters.

Election fever

Meanwhile, Moody's Analytics expects uncertainties from the flurry of elections this fiscal year, in which half the world's population will go to the polls. Elections in the US, the UK, India and South Africa will be among the most closely watched, it said in the report.

"Economically, concerns regarding monetary policy missteps loom large. Policy rates in much of the world remain elevated and central banks have signalled that they want to be sure inflation stays on target before easing policy settings," it said.

"It would not take much to delay rate cuts, which creates a risk that authorities will keep rates too high for too long. At best, this would be an added drag on growth. At worst, it would cause the economy to tip into recession and precipitate broad financial-market dislocations," it added.

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• Sri Lanka Tourism achieves record growth with surge in Indian visitors, sets ambitious goal of 2.5 million tourists in 2024

Highlighting the surge in Indian tourists visiting Sri Lanka, the events celebrated the doubling of Indian visitors from 13,759 in January of the previous year to 34,399 in January 2024. This exponential growth was attributed to enhanced connectivity between the two countries, with 95 flights connecting Sri Lanka to nine Indian cities, ensuring seamless travel experiences and smooth transactions facilitated by India's Unified Payments Interface (UPI).

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• Updated On Feb 22, 2024 at 12:47 AM IST

Sri Lanka rolls out projects to attract high-end tourists

Sri Lanka has rolled out infrastructure development projects and innovative tourism promotion programmes in a bid to attract high-end tourists, the President's Media Division (PMD) said. During the tour, the President Ranil Wickremesinghe visited several tourist hotels, talking with owners to understand their challenges first hand, the PMD added.

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• Published On Feb 21, 2024 at 07:47 PM IST

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Agoda, GSTC, and USAID Partner to Champion Sustainability Education for Hotels in Asia

For Immediate Release

Press Release

Digital travel platform Agoda, the Global Sustainable Tourism Council (GSTC), and the United States Agency for International Development (USAID) have partnered  to provide sustainability trainings for hoteliers across Asia, which will strengthen the sustainability transformation and foster green growth within the region’s hotel industry, with models that have the potential for global application.

The Sustainable Tourism Development Initiative builds on the success of Agoda’s ongoing partnership with the GSTC, which has provided sustainability education for hundreds of hoteliers to date across India, Singapore, Taiwan, and Thailand to support the industry to meet the rising consumer demand for more sustainable accommodation options. This partnership with USAID, through the US-Supporting Economic Growth in Asia (US-SEGA) activity, expands the training scope and geographic coverage to additional markets in South and Southeast Asia.

• Expansion of existing instructor-led hotel sustainability training at five destinations across the region in  India, Indonesia, Laos, Nepal, and the Philippines, will equip hoteliers with the necessary tools and knowledge to enhance their sustainability practices.
• Development of a self-paced digital hotel sustainability training platform , which will offer localized, interactive learning modules, supplementary study materials, and quizzes that address the distinct sustainability challenges across the region. Covering different aspects of the GSTC Hotel Criteria, the global standard for sustainability in travel and tourism, the platform will provide an introduction to sustainability and sustainable tourism, insights into global trends and industry best practices, and practical tools on applying these learnings. The learning materials on the platform will be available in English and regional languages.
• Establishment of a sustainability scholarship fund for select hotels across the region,  particularly hotels that are small, medium, and women-owned enterprises, to receive further training and obtain third-party sustainability certifications recognized by GSTC.

Omri Morgenshtern, CEO of Agoda,  said, “It is our responsibility to raise awareness about sustainability among both our consumers and accommodation partners and are thrilled to support the industry in developing the knowledge and working towards third-party certifications. Partnering with USAID will help elevate and scale our projects which combine Agoda’s extensive supply network with GSTC’s world-leading technical expertise on sustainability to reach even more markets across Asia.”

USAID India Mission Director Veena Reddy , stated, “USAID believes it is critical to work in collaboration with the private sector to drive sustainable development progress, including mitigating climate change. Tourism, when sustainable, provides an important pathway for inclusive economic growth and preservation of cultural heritage, and can be a valuable tool for environmental conservation. We are proud to launch this regional partnership with Agoda and GSTC in India to support, particularly as they overcome the economic setbacks of the COVID-19 pandemic, the ability of small and medium enterprises to participate in a more sustainable economy.”

Speaking of the benefits of this initiative,  Randy Durband, CEO of GSTC , shared, “The knowledge and skills acquired from these trainings serve as a crucial step for hoteliers to obtain credible third-party sustainability certifications for their properties and effectively navigate the process with a thorough understanding of the GSTC Hotel Criteria. They will also have the opportunity to enhance their professional credentials and marketability in the hospitality industry, opening doors to career advancement opportunities in the future.”

The fifth iteration of the instructor-led hotel sustainability training organized by Agoda and GSTC, and the first in partnership with USAID, will be held in Jaipur, India on March 28-29, 2024. This training has the support of the  Rajasthan Department of Tourism, and is expected to garner up to 60 participants.

The interactive two-day training session will be held in all five countries and will allow hoteliers to learn from GSTC trainers and guest speakers to gain an in-depth understanding of the GSTC Industry Criteria and assess their current performance to establish better short-, medium-, and long-term sustainability goals. Participants who complete the training will receive a certificate of attendance from the GSTC, along with eligibility to sit for an optional exam to receive the GSTC Professional Certificate in Sustainable Tourism – both of which contribute to meeting the Staff Engagement Criterion A4 of the  GSTC Industry Criteria for Hotels , which requires staff to hold certificates and qualifications in relevant disciplines and skills.

Through this partnership, Agoda, GSTC, and USAID aim to not only train individual hoteliers on sustainable hotel management, but catalyze knowledge sharing on sustainable management practices across the industry, and will create a network of sustainability professionals in the local hotel industry.

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Oil Market Report - March 2024

About this report

The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries.

• Global oil demand is forecast to rise by a higher-than-expected 1.7 mb/d in 1Q24 on an improved outlook for the United States and increased bunkering. While 2024 growth has been revised up by 110 kb/d from last month’s Report, the pace of expansion is on track to slow from 2.3 mb/d in 2023 to 1.3 mb/d, as demand growth returns to its historical trend while efficiency gains and EVs reduce use.
• World oil production is projected to fall by 870 kb/d in 1Q24 vs 4Q23 due to heavy weather-related shut-ins and new curbs from the OPEC+ bloc. From the second quarter, non-OPEC+ is set to dominate gains after some OPEC+ members announced they would extend extra voluntary cuts to support market stability. Global supply for 2024 is forecast to increase 800 kb/d to 102.9 mb/d, including a downward adjustment to OPEC+ output.
• Refinery crude runs are forecast to rise from a February-low of 81.4 mb/d to a summer peak of 85.6 mb/d in August. For the year as a whole, throughputs are projected to increase by 1.2 mb/d to average 83.5 mb/d, driven by the Middle East, Africa and Asia. Refining margins improved through mid-February before receding, with the US Midcontinent and Gulf Coast as well as Europe leading the gains.
• Global observed oil inventories surged by 47.1 mb in February. Offshore stocks dominated gains as seaborne exports reached an all-time high and shipping disruptions through the Red Sea tied up significant volumes of oil on water while onshore inventories declined. Global stocks plunged by 48.1 mb in January, with OECD industry stocks at a 16-month low.
• ICE Brent futures rose by $2/bbl during February as ongoing Houthi shipping attacks in the Red Sea kept a firm bid under crude prices. With oil tankers taking the longer route around Africa more oil was kept on water, further tightening the Atlantic Basin market and sending crude’s forward price structure deeper into backwardation. At the time of writing, Brent was trading at $83/bbl.

Oil on water

Benchmark crude oil prices were range bound in early March, as the market had already priced in the announced extension of OPEC+ voluntary production cuts through 2Q24. North Sea Dated rose by $2.13/bbl to $84.66/bbl during February as continued tanker attacks in the Red Sea lengthened supply routes and global on-land oil inventories fell for a seventh consecutive month to reach their lowest level since at least 2016.

Global onshore oil stocks fell a further 38 mb last month, taking the draw down since July to 180 mb, according to preliminary data. Over the same period, oil on water surged. Trade dislocations from the rerouting of Russian barrels and more recently due to unrest in the Middle East, have boosted oil on water by 115 mb. In February alone, oil on water surged by 85 mb as repeated tanker attacks in the Red Sea diverted more cargoes around the Cape of Good Hope. At nearly 1.9 billion barrels as of end-February, oil on water hit its second highest level since the height of the Covid-19 pandemic.

Trade flow disruptions also boosted bunker fuel use. Longer shipping routes and faster vessel speeds saw Singapore bunkering reach all-time highs. That, along with surging US ethane demand for its petrochemical sector underpins a slight upward revision to our global oil demand expectations for this year by 110 kb/d compared with last month’s Report. World oil demand growth is now forecast at 1.3 mb/d in 2024, down sharply from last year’s 2.3 mb/d expansion.

The slowdown in growth, already apparent in recent data, means that oil consumption reverts towards its historical trend after several years of volatility from the post-pandemic rebound. A weaker economic outlook further tempers oil use, as do efficiency improvements and surging electric vehicle sales. Growth will continue to be heavily skewed towards non-OECD countries, even as China’s dominance gradually fades. The latter’s oil demand growth slows from 1.7 mb/d in 2023 to 620 kb/d in 2024, or from roughly three-quarters to half of the global total, under the gathering weight of a challenging economic environment and slower expansion in its petrochemical sector.

As in 2023, non-OPEC+ oil supply growth will eclipse the oil demand expansion by some margin. Led by the United States, non-OPEC+ production is forecast to rise by 1.6 mb/d in 2024 compared to 2.4 mb/d last year when global oil output climbed by 2 mb/d to 102 mb/d. Substantial gains will also come from Guyana, Brazil and Canada, all forecast to pump at record-highs this year. Together, the non-OPEC+ Americas quartet is set to add 1.3 mb/d of new oil production in 2024.

Iran, which last year ranked as the world’s second largest source of supply growth after the United States, is expected to increase production by a further 280 kb/d this year. Output policy for the remainder of the OPEC+ bloc will be revisited when ministers meet in Vienna on 1 June to review market conditions. In this Report, we are now holding OPEC+ voluntary cuts in place through 2024 – unwinding them only when such a move is confirmed by the producer alliance (see OPEC+ cuts extended). On that basis, our balance for the year shifts from a surplus to a slight deficit, but oil tanks may get some relief as the massive volumes of oil on water reach their final destination.

1. Includes extra voluntary curbs where announced. 2. Capacity levels can be reached within 90 days and sustained for an extended period. 3. Excludes shut in Iranian, Russian crude. 4. Angola left OPEC effective 1 Jan 2024. 5. Iran, Libya, Venezuela exempt from cuts. 6. Mexico excluded from OPEC+ compliance. 7. Bahrain, Brunei, Malaysia, Sudan and South Sudan.

Definitions of key terms used in the OMR, access the OMR Glossary here.

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IEA (2024), Oil Market Report - March 2024 , IEA, Paris https://www.iea.org/reports/oil-market-report-march-2024

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