"Visits to foreign countries for tourism by the people of India are on the rise".
Presuming other factors being constant discuss the effect of the given statement on
foreign exchange rate of India.
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Answers
Answer:
Tourism in India is important for the country's economy and is growing rapidly. The World Travel and Tourism Council calculated that tourism generated ₹16.91 lakh crore (US$240 billion) or 9.2% of India's GDP in 2018 and supported 42.673 million jobs, 8.1% of its total employment.The sector is predicted to grow at an annual rate of 6.9% to ₹32.05 lakh crore (US$450 billion) by 2028 (9.9% of GDP). In October 2015, India's medical tourism sector was estimated to be worth US$3 billion, and it is projected to grow to US$7–8 billion by 2020. In 2014, 184,298 foreign patients travelled to India to seek medical treatment.
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Tourism in India is important for the country's economy and is growing rapidly. The World Travel and Tourism Council calculated that tourism generated ₹16.91 lakh crore (US$240 billion) or 9.2% of India's GDP in 2018 and supported 42.673 million jobs, 8.1% of its total employment.The sector is predicted to grow at an annual rate of 6.9% to ₹32.05 lakh crore (US$450 billion) by 2028 (9.9% of GDP). In October 2015, India's medical tourism sector was estimated to be worth US$3 billion, and it is projected to grow to US$7–8 billion by 2020. In 2014, 184,298 foreign patients travelled to India to seek medical treatment.