With a ready investment potential of USD 7.7 billion in tourism, India invites foreign investment
To attract FDI in this sector, the Ministry of Tourism is organizing the country's first Global Tourism Investors’ Summit (GTIS) in New Delhi in May. Tourism minister G. Kishan Reddy interacted with 42 Foreign Missions on Thursday.
NEW DELHI: The current investment landscape of the country makes it an appropriate destination for investment in various sub sectors of the Indian tourism industry such as hospitality & lodging, wellness tourism, adventure tourism, eco-tourism, rural tourism, and others. Ministry of Tourism will organize the country’s first Global Tourism Investors’ Summit (GTIS) in New Delhi on May 17-19 to attract foreign direct investment in this sector.
G. Kishan Reddy, the Minister of Tourism, Culture, and DONER said this while addressing the Heads of the Missions at Vigyan Bhawan on Thursday.
Adding to it, Arvind Singh, Secretary, Ministry of Tourism said that in order to showcase investible opportunities to investors, till now 25 states have shared 350 plus investable projects with a total investment potential of around Rs. 64,000 Cr. (USD 7.7 billion) with the Ministry of Tourism. He stated that GTIS will also have several knowledge sessions focused on topics such as sustainability, digitalization, technology, insights, state-specific issues, and other sub-sectors of tourism. These sessions will facilitate business-to-business (B2B) and business-to-government (B2G) engagements.
A total of 42 Foreign Missions participated in today`s Interaction. The G-20 Presidency will give India’s tourism sector an unparalleled opportunity to highlight India’s tourism offerings and share India’s tourism success stories on a global stage. India’s tourism market is set for a growth trajectory due to improved infrastructure, global connectivity, higher disposable incomes and the development of niche tourism products opening opportunities for foreign investors.
100% FDI in the tourism and Hospitality sector is allowed under automatic route. In the last 8 years from 2014-2022, India has received FDI inflows worth USD 9.2 billion in the hotel and tourism sector whereas India had received FDI inflows worth USD 7.2 billion from 2000-2014. States are also actively working on policies and providing incentives and concessions to attract private investments for Homestays, MICE infrastructure, Wellness tourism, Eco tourism etc. In line with the push towards streamlining of approvals, the Ministry of Tourism is integrating with National Single Window System (NSWS) platform and reduce the number of approvals required to setup a new project in Tourism & Hospitality sector. 7 States are actively working with NSWS to provide a unified interface to identify and apply for approvals required for setting up a hotel.
K B Kachru, Member, CII National Committee on Tourism and Hospitality stated that GTIS is the right platform for all the tourism & hospitality industries operating outside India to come, witness the huge Indian market, and leverage the available investment opportunities.
India has a diverse portfolio of niche tourism products which includes cruises, adventure, medical, wellness, sports such as Golf and Polo, MICE (meetings, incentives, conferencing, exhibitions), ecotourism, film, rural and spiritual tourism and the Investor Summit will provide a two-way platform for showcasing of the unique offerings of India while the potential investors from foreign countries can identify the state-specific investment possibilities in the segment unique to that State. A web-site www.gtistourism.in has also been developed which will help in taking forward the public-private engagements beyond the event as well. All the G20 countries are expected to participate at the mega event.
Tourism sector has emerged as one of the fastest growing economic sectors and has a significant impact on trade, job creation, investment, infrastructure development and social inclusion. The objective of GTIS 2023, being organized in partnership with Invest India as the Investment Promotion and Facilitation partner and Confederation of Indian Industry (CII) as the Industry Partner, is to provide a common platform for interactions between global and domestic players and explore the investment opportunities in the Indian travel and hospitality sector.
