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ECONOMICS     1
ECONOMICS     4
MONETARY POLICIES TO REVIVE TOURISM INDUSTRY IN INDIA POST COVID-19 PANDEMIC
Table of Contents
Introduction    3
Tourism Industry in India    3
Impact of Covid-19 over Indian Tourism Sector    4
Monetary Policies for Revival of Tourism Industry    5
Conclusion    6
References    8
Introduction
Tourism industry is considered as one of the most important industry in the service sector of India. It is one of the biggest contributors to the GDP of India and is also responsible for generating a huge number of employments. However, the Covid-19 pandemic had created unrest to all industries, and that had an adverse effect over the tourism industry as well. Because of the lockdowns, social distancing and reluctancy of travelling among people after opening post lockdown, tourism industry is facing huge set back and all-time low generation of business. In this report a detailed discussion is done with respect to the contribution of tourism industry to the Indian economy, the affect faced by this industry because of the pandemic and the probable monetary policy that will help in reviving this industry.
Tourism Industry in India
Tourism industry is considered as one of the integral pillars of Make in India programme, and it plays one of the significant contributors towards Indian economy and always in central focus form the time India has grown up and also is very much rapid in creating jobs. The ranking of India in the Travel and Tourism Competitive Index (TTCI) of the World Economic Forum has moved to 34th position in the year 2019, which can clearly indicate the importance of this industry (Shetty, 2021). Tourism industry was the largest service sector industry, which was worth of $234 billion in the year 2018, and this industry has also turned out to be among one of the largest earners in India with respect to the Foreign Exchange Currency. This Foreign Exchange earnings is estimated to be around 429.962 billion from the time period of January 2019 to December 2019 (Invest India, 2021). Tourism and Hospitality industry has been projected to earn around $50.9 billion by the year 2028 as visitors’ exports compared to $28.9 billion earned during 2018. It has also been projected that by 2029, tourism industry will contribute around 53 million jobs, by 2030 it is expected to be among the top five business in the travel market, and by the year 2029 the tourism sector is expected to grow at the rate of 6.7% to accomplish the target of $35 trillion and hospitality sector is expected to reach $460 billion by the year 2028 (Taqi et al., 2018). However, the pandemic situation had completely crippled the plan that has been projected by tourism industry to achieve by year 2028 and 2029. Now let us observe the impact of Covid-19 had over the tourism and hospitality...