“In year 2018-18, international inbound tourism contributed almost 2.85 billion USD, with a total of 17.42 million international tourist arrivals into India.. It is estimated that international inbound tourists will start travelling and returning only in FY 21-22,” said FAITH in a request it raised this week before the RBI Expert Committee, set up by the government for sectors impacted by the pandemic.
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Among the aid it sought is, a 24 month extension of moratorium for tourism and access to special liquidity facility on funds closer to repo rate on a direct benefit transfer from Ministry of Finance.
“Almost 70% of the inbound business to India is concentrated within top 13 countries, that is, United Kingdom, Canada, Australia, Malaysia, China, Germany, Russian Fed, France, Japan , Singapore, Thailand, all of which are battling the pandemic and have stringent and varying travel restrictions..The US is the largest long-haul source market for India with almost 14% share but it is also currently the number one country affected by the pandemic,” it said, making a case for the negligible inbound tourist arrivals that this year would see.
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“Even 26.3 million outbound travelling Indians which are serviced by Indian travel agents and tour operators will be non-performing in the current financial year FY 20-21 due to restricted international travel and resurgence of virus in many destination countries,” it added.