NTA be made nodal agency for investment

India must intensify development of tourism sector, says a joint study by ASSOCHAM-Yes Bank, proposing tourism infrastructure development and the emergence of tourism themes.

Speaking at the release of the study in New Delhi on 21 October 2017, the ASSOCHAM calls for priority in the formation of National Tourism Authority (NTA).

NTA could be the nodal agency for several activities like investment promotion, marketing, escalation resolutions, capturing and dissemination of more real-time tourism statistics, developmental planning and implementation coordination, extending support to State counterparts etc.

The study called for tourism sector to be accorded lower Goods and Services Tax (GST) slabs to make the Indian tourism industry more competitive as compared to other affordable global destinations.

The total contribution of Travel & Tourism to Indian GDP was US$208.9 billion, 9.6 percent of GDP in 2016.

It is forecast to rise by 6.7 percent in 2017 and 10 percent of GDP in 2027.

Further Travel & Tourism investment in 2016 accounted for 5.7 percent of total investment (US$34 billion). It should rise by 4.5 percent in 2017, and rise by 5.7 percent p.a. over the next 10 years to US$61.8 billion in 2027, 5.7 percent of total.

India witnessed 8 million foreign tourist arrivals in CY2015, which has grown at a CAGR of ~6.0 percent during the period from CY2007 to CY2015.

As per Economist Intelligence Unit (EIU) estimates, the number of foreign tourist arrivals is expected to rise up to 12 million by CY2019, growing at a CAGR of 9.2 percent. fiii-news.com