FAITH revises tourism value at risk guidance to Rs 15 lakh crore
Jul 27, 2020
New Delhi [India], July 27 : The Federation of Associations in Indian Tourism and Hospitality (FAITH) on Monday further revised upwards its value at risk to Indian tourism to Rs 15 lakh crore due to the coronavirus pandemic.
Given the way the virus is progressing, it said, tourism supply chains have broken down in India across all its key inbound, domestic and outbound markets. It is not expected to recover for the next five months.
"The direct and indirect economic impact of the tourism industry in India is estimated at 10 per cent of the GDP. This roughly puts the full-year economic multiplier value of tourism in India at Rs 20 lakh crore," said the national federation of 10 tourism, travel and hospitality organisations.
FAITH said the cumulative job losses for the full year in the organised and unorganised category of tourism could go as high as four crores.
