Union Minister Piyush Goyal urged increased investments in India’s hospitality sector to attract high-spending tourists. Emphasizing the need for more airlines, hotels, and better infrastructure, Goyal said public-private collaboration is vital to sustain tourism growth, boost employment, and support India’s expanding economy.
Union Commerce and Industry Minister Piyush Goyal has urged increased investment in India’s hospitality sector to capitalize on the booming travel and tourism industry. Speaking at the Annual Conference and the 105th Annual General Meeting of ASSOCHAM, Goyal emphasized that now is an optimal time to invest in hospitality as the nation’s economic momentum accelerates.
Booming Sector: Goyal highlighted the rapid growth in India’s travel and tourism sector, driven by rising domestic tourism and a doubling of international tourist arrivals over the past decade.
Need for High-Spending Tourists: The minister underscored the importance of attracting high-value tourists who spend significantly on premium stays, shopping, and travel experiences, which can substantially boost revenue.
Infrastructure and Capacity Challenges: Goyal pointed out global shortages in aircraft and limited flight capacity, impacting international tourism growth. He encouraged private investments in new airlines, planes, hotels, and traveler facilities to bridge this gap.
Government’s Role: India’s government is working closely with states to identify and develop 50 select tourist destinations under a “challenge mode” initiative aimed at enhancing tourism infrastructure and connectivity.
Strategic Collaboration: Goyal called for joint efforts by the government and private sector to overcome the challenges, maximizing the sector’s employment and economic potential.
Economic Impact: Tourism being one of the highest job generators per dollar invested, expanding hospitality infrastructure promises significant returns for the economy and livelihoods.
Additional Remarks: Responding to queries about India-US trade negotiations, Goyal stressed that such discussions occur outside public forums, humorously referencing aircraft supplies involving industry leaders.
Resilience & Growth: Despite global challenges, India is projected to be the fastest-growing economy, supported by strengthened foreign reserves and robust domestic demand.
Investment Opportunities: Goyal’s appeal offers investors a clear signal that hospitality and tourism represent lucrative and strategic investment avenues in the coming years.
Outlook: With sustained focus on infrastructure, connectivity, and quality services, India aims to position itself as a preferred destination for affluent and discerning global tourists.
Goyal’s remarks highlight the tremendous untapped potential in India’s hospitality sector and serve as a clarion call to fuel this growth through strategic investments.
Sources: ANI News, Economic Times, NDTV Profit, Assam Tribune
