A STUDY ON FOREIGN EXCHANGE EARNINGS FROM TOURISM IN INDIA
Received: 17.09.2021; Revised: 26.10.2021, Accepted: 22.11.2021, Published Online: 16.12.2021
Assistant Professor, Department of Economics, The Quaide Milleth College for Men, Chennai, India
Dr. Dure Najaf
Lecturer, Mazoon college, Muscat,, Oman.
Vivek Vikram Ved
Researcher, Founder & CEO, SCRAP-ZONE, Muscat, Oman
Madurai Ph,D Scholar, Department of Economics, kamaraj university , Madurai India.
Head, Department of computer science. The Quaide Milleth College for Men, Chennai, India.
Email id: email@example.com
India’s tourism industry’s success and rapid growth are critical to the country’s economic prosperity and development. According to the World Travel and Tourism Council, tourism supports around 8.1 percent of India’s overall employment. Tourism contributed 16.91 lakh crores (US$240 billion) to India’s GDP in 2018 and supported 42.673 million employment, totaling 16.91 lakh crores (US$240 billion). The tourism industry is expanding at an exponential pace throughout the world, and India, like other countries, is recognising the sector’s potential to propel the country forward. India has the power to attract a large number of tourists from all over the globe. The number of overseas visitors that visited India increased in 2018 compared to the previous year, according to the Indian government’s ministry of tourism. The foreign currency revenues produced by tourism also contribute to the balance of payments stability of a nation. Tourism has a lot of promise when it comes to achieving significant macroeconomic goals like economic growth, social development, and job creation, to name a few. Tourism provides a number of advantages, including helping to stabilise the country’s balance of payments by increasing the amount of foreign currency earned. The balance of payments is a daily update that shows the country’s interactions with the rest of the globe. It’s all about international tourism when it comes to tourism’s contribution to the BOP. According to the World Bank, tourism is the most lucrative service business in terms of gross income and foreign currency earnings. The goal of this study is to look at the foreign currency gains generated by tourism in India utilising secondary data.
Keywords – GDP, Balance of payment (BOP), foreign exchange earnings(FEE), Tourism, international tourism.