FAITH revises tourism value risk guidance upwards to $240 billion
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FAITH revises tourism value risk guidance upwards to $240 billion

News  
07-31-2020
 

Federation of Associations in Indian Tourism & Hospitality (FAITH) the policy federation of all the national associations representing the complete tourism, travel and hospitality industry of India (ADTOI, ATOAI, FHRAI, HAI, IATO, ICPB, IHHA, ITTA, TAAI, TAFI) & cause partner AIRDA has further revised upwards its value at risk to Indian tourism to more than $240 billion.

FAITH’s first guidance, which was calculated and shared with the Government in March 2020 had put tourism’s economic value at risk at $80 billion from this pandemic.  FAITH revised this further during the quarter as the situation deteriorated and the value at risk was put at $160 billion, This has been revised again to touch a value at risk of upto $240 in terms of the economic output of tourism in India.

Given the way the virus is progressing, tourism supply chains have broken down in India across all its key inbound, domestic & outbound markets and is not expected to recover for the next  5 months too,  making the total impact to a minimum of 9 months starting from March this year.

The direct and indirect economic impact of Tourism industry in India is approximately estimated at ~ 10% of India’s GDP.  This roughly puts the full year economic multiplier value of tourism in India at ~ $ 320 billion. Minimum three quarters of tourism will be fully impacted

This value covers the whole tourism value chain from airlines, travel agents, hotels, tour operators, tourism destinations restaurants, tourist transportation, tourist guides. Each of these segments of tourism is non - performing or under-performing and will stay that way for many months of this year.

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