Covid-19 impact: Loss forecast for India’s tourism sector doubles to Rs 10 lakh crore, says FAITH

By: |
May 5, 2020 5:40 PM

The earlier forecast, which was shared with the government in March 2020, had put tourism's economic value at risk at around Rs 5 lakh crore, FAITH said in a statement.

"We would like to double the earlier guidance of Indian tourism economic value at risk from Rs 5 lakh crore to Rs 10 lakh crore," a FAITH spokesperson said.“We would like to double the earlier guidance of Indian tourism economic value at risk from Rs 5 lakh crore to Rs 10 lakh crore,” a FAITH spokesperson said.

Apex sectoral body Federation of Associations in Indian Tourism & Hospitality (FAITH) on Tuesday doubled its loss guidance for India’s tourism sector to Rs 10 lakh crore on account of impact of COVID-19 pandemic.

The earlier forecast, which was shared with the government in March 2020, had put tourism’s economic value at risk at around Rs 5 lakh crore, FAITH said in a statement.

The federation has revised its guidance given the way tourism supply chains are breaking down in India across all its key inbound, domestic and outbound markets, it added.

“We would like to double the earlier guidance of Indian tourism economic value at risk from Rs 5 lakh crore to Rs 10 lakh crore,” a FAITH spokesperson said.

FAITH said it has shared the revision of loss guidance with an inter-ministerial group of the government. It has already requested help from the government for the survival of the tourism and hospitality sector.

For the revival of any demand in tourism, the tourism supply in India has to first remain intact, the statement said.

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