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TOURISM INFRASTRUCTURE INVESTMENTS Leveraging Partnerships for Exponential Growth

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TOURISM INFRASTRUCTURE INVESTMENTS Leveraging Partnerships for Exponential Growth TOURISM INFRASTRUCTURE INVESTMENTS Leveraging Partnerships for Exponential Growth THEME PARKS CRUISE INFRASTRUCTURE HEALTHCARE WELLNESS ADVENTURE MICE MEDICAL TITLE Tourism Infrastructure Investments: Leveraging Partnerships for Exponential Growth YEAR July, 2018 AUTHORS STRATEGIC GOVERNMENT ADVISORY (SGA), YES Global Institute, YES BANK No part of this publication may be reproduced in any form by photo, photoprint, microfilm or any COPYRIGHT other means without the written permission of YES BANK Ltd. & FICCI. This report is the publication of YES BANK Limited (“YES BANK”) & FICCI and so YES BANK & FICCI have editorial control over the content, including opinions, advice, Statements, services, offers etc. that is represented in this report. However, YES BANK & FICCI will not be liable for any loss or damage caused by the reader’s reliance on information obtained through this report. This report may contain third party contents and third-party resources. YES BANK & FICCI take no responsibility for third party content, advertisements or third party applications that are printed on or through this report, nor does it take any responsibility for the goods or services provided by its advertisers or for any error, omission, deletion, defect, theft or destruction or unauthorized access to, or alteration of, any user communication. Further, YES BANK & FICCI do not assume any responsibility or liability for any loss or damage, including personal injury or death, resulting from use of this report or from any content for communications or materials available on this report. The contents are provided for your reference only. The reader/ buyer understands that except for the information, products and services clearly identified as being supplied by YES BANK & FICCI, it does not operate, control or endorse any information, products, or services appearing in the report in any way. All other information, products and services offered through the report are offered by third parties, which are not affiliated in any manner to YES BANK & FICCI. The DISCLAIMER reader/ buyer hereby disclaims and waives any right and/ or claim, they may have against YES BANK & FICCI with respect to third party products and services. All materials provided in the report is provided on “As is” basis and YES BANK & FICCI make no representation or warranty, express or implied, including, but not limited to, warranties of merchantability, fitness for a particular purpose, title or non – infringement. As to documents, content, graphics published in the report, YES BANK & FICCI make no representation or warranty that the contents of such documents, articles are free from error or suitable for any purpose; nor that the implementation of such contents will not infringe any third party patents, copyrights, trademarks or other rights. In no event shall YES BANK & FICCI or its content providers be liable for any damages whatsoever, whether direct, indirect, special, consequential and/or incidental, including without limitation, damages arising from loss of data or information, loss of profits, business interruption, or arising from the access and/or use or inability to access and/or use content and/or any service available in this report, even if YES BANK & FICCI are advised of the possibility of such loss. Maps (if any) depicted in this report are pictorial representation only and do not purport to be the political map of any nation or State and are not drawn to scale YES BANK Ltd. FICCI Nikhil Sahni Rahul Chakravarty Group President - MNC - Corp Consultant Banking, Government Banking & Manish Ahuja Strategic Government Advisory Team Lead Bhupesh Rathore Tourism – FICCI President & Head Strategic Government Advisory Federation House, Tansen Marg New Delhi – 110 001 Northern Regional Office Tel : +91-11-2331 1720 48, Nyaya Marg, Chanakyapuri Fax : +91-11-2376 5333 CONTACTS New Delhi – 110 021 Email : [email protected] Tel : +91-11-66560562 [email protected] Email : [email protected] Website : www.ficci.in [email protected] Website : www.yesbank.in Registered and Head Office 9th Floor, Nehru Centre Dr. Annie Besant Road Worli, Mumbai - 400 018 Tel : +91 22 6669 9000 Fax : +91 22 2497 4088 FOREWORD The Tourism sector has enormous potential to lead the socio-economic transformation of ‘New India’. Primarily driven by remarkable natural beauty, rich history & cultural heritage, and unique traditional values, the sector has witnessed exponential growth in niche sub-sectors such as MICE, medical and wellness, religious and adventure, amongst others. The sector has been on a steady growth trajectory over the last decade to become the 7th largest in the world in terms of total contribution to the country’s GDP. In 2017, Tourism generated USD 234 billion, equivalent to 9.4% of India’s GDP, and employed 41.6 million people. After the historic jump to the 40th position in the WEF Travel and Tourism Competitiveness Index 2017, India crossed the 10 million mark in Foreign Tourist Arrivals for the first time ever during 2017. India’s price-competitive offerings and increasing disposable income have been a significantly contributor towards growth of the sector. The Government has taken several progressive measures such as simplified e-Visa and immigration procedures, 24x7 Multi-lingual Tourist Helpline, Swachh Paryatan Abhiyan, Guidelines for Adventure Tourism and Incredible India Roadshows, amongst others towards focused development of the sector. Strengthening of infrastructure and connectivity in India’s North East Region has led to surge in inbound tourism in the region, which is expected to grow at 10-12% during 2019. Further, initiatives such as ‘Adopt a Heritage’ and development of 10 prominent sites as ‘Iconic Destinations’ will serve as pilot projects and a replicable model for other major tourism destinations. However, to fully actualize the true economic potential of tourism, sustained efforts to augment and modernize tourism infrastructure in the country are required. Multifaceted approach towards development of accommodation, connectivity, wayside amenities and recreational zones infrastructure is vital for the holistic development of the sector. This will require large capital expenditure which needs to be driven by a partnership-led approach. Involvement of private sector will be critical to not only boost infrastructure, but also help in curating new tourism products. Emerging PPP mechanisms like Hybrid Annuity Model have shown success in areas like urban infrastructure and highways. Such institutional mechanisms must be explored to catalyze private capital into tourism infrastructure. I am pleased to present the YES BANK - FICCI Knowledge Report ‘Tourism Infrastructure Investments – Leveraging Partnerships for Exponential Growth’ which highlights the foremost areas for developing a robust tourism infrastructure and provides key recommendations. I am confident that this publication will promote meaningful dialogue between all stakeholders towards transforming the sector as the leading driver of India’s socio-economic growth. Thank You. Sincerely, Rana Kapoor Managing Director & CEO Chairman FOREWORD Travel & Tourism garnered 4.5% of the world’s total investment in 2017, and according to World Travel & Tourism Council, India is also on a high growth trajectory, projected to grow by an estimated CAGR of 7.1% in terms of GDP contribution over next decade. The Indian tourism industry has bucked the global fluctuations and remained on a steady growth path for over a decade, which is evident from the fact that Foreign Tourism Arrivals (FTAs) have outperformed industry expectations and crossed the 10 million mark for the first time. The recent Union Budget reflects the Government’s confidence in the sector to maintain this growth momentum, and we can expect ‘sustained sunshine’ for this sunrise sector in times to come through the overall positive measures announced by the government to boost infrastructure, connectivity and rural growth. In order to capitalize on this huge potential, we need to ramp up infrastructure creation and human capital development to carve a niche in the highly competitive international tourism market. Indian hospitality industry has emerged as one of the key industries driving the growth of the service sector and thereby, the Indian economy. The Indian hotel market is projected to grow to around USD 13 billion by 2020. Through a multi-modal focus on Air, Road and Rail, we can expect significant improvements in last mile connectivity. Niche tourism activities like community based tourism, rural tourism and ecotourism also stand well poised to benefit from budgetary appropriations on improving rural infrastructure, skill development and diversifying livelihood opportunities. I am pleased to present the FICCI - YES BANK Knowledge Report ‘Tourism Infrastructure Investments – Leveraging Partnerships for Exponential Growth’ which highlights the key facts and figures pertaining to the tourism sector, potential areas of development and suggestive recommendations to establish India as a global tourism hotspot. Sincerely, Dr. Jyotsna Suri Immediate Past President, FICCI Chairperson, FICCI Tourism Committee and Chairperson & Managing Director, Lalit Suri Hospitality Group Contents Executive Summary 8 1. Travel & Tourism Outlook 16 1.1. Global Tourism Scenario 16 1.2. Indian Tourism Scenario 17 2. Key Government Initiatives to boost Tourism Infrastructure in India 19 2.1. Central Government Initiatives 19 2.2. State Government Initiatives
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