As per KPMG report, global sustainable tourism market size was estimated at US$2.73 trillion in 2023 and is projected to reach around US$9.17 trillion by 2032. This upward trajectory will register a Compound Annual Growth Rate (CAGR) of 14.40 per cent during the forecast period from 2023 to 2032.
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As per KPMG report, India’s sustainable tourism market was valued at USD 26.01 million in 2022 and is expected to reach USD 151.88 million by 2032, registering a CAGR of 19.3 per cent from 2022 to 2032. Thus, showcasing that sustainability is going to act as a catalyst in the growth of tourism as a sector in India.
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A KPMG report on potential impact of COVID-19 on Indian economy says that along with large scale cancellations, the Indian Association of Tour Operators (IATO) estimates that the hotel, aviation and tourism sector may incur loss of about US$85 billion due to travel restrictions imposed on foreign tourists. The report also indicated that outbound and inbound travel to India will be at an all-time low with impact likely to be felt on both white and blue collar jobs.
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