Revival of Travel And Hospitality Industry Key To Strengthening India’s Economy
The travel and hospitality industry is the worst-hit by the pandemic, making its revival necessary as it is amongst the largest contributors to the economy
India’s first quarter Gross Domestic Product (GDP) saw a sharp contraction at almost 24%, making the country’s economy the worst-hit amongst the world’s larger economies. Last week, the Reserve Bank of India looked at the financial risks in various sectors and the tourism and hospitality industry emerged as the most affected, due to the pandemic.
It is the same industry that put India at the 10th position on the global map last year, by contributing 194 billion dollars to the nation’s growth. This year there is a 50-60% plunge in international traffic and 50% drop in domestic traffic, according to a preliminary aviation report.
States dependent on tourism like Goa, Kashmir and Uttarakhand have been left high and dry. Kashmir alone has estimated a loss of Rs 1000 crores due to the Coronavirus and prior to that, the abrogation of Article 370.
Speaking on the topic, Puneet Chhatwal, Managing Director and CEO of Indian Hotels Company Limited, said that he would like to have an optimistic approach to the revival of his sector, which is what he believes will bring India back on its feet.
Deep Kalra, Founder of Make My Trip, strongly advocated testing for the virus before traveling, as cases in India continue to surge. Stressing that there is a definite demand for travel, it becomes important for all states to have similar Coronavirus protocols.
With lakhs of livelihoods at stake, hotelier Riyaaz Amlani, also the president of National Restaurant Association, said that the pandemic must be normalised and the hotels and restaurants should slowly open up for their survival.
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