Context:
India now ranks 39th in the World Economic Forum’s 2024 Travel & Tourism Development Index.
Key Highlights of the Index:
- India is the Top Performer in South Asia and among Lower-Middle-Income nations in the latest rankings.
- Top Countries in 2024 List: The USA, Spain, Japan, France, and Australia are the top five performer countries in this list.
- India’s Strengths: India excels in price competitiveness (18th position), air transport (26th), and ground & port infrastructure (25th).
- India scores remarkable rankings in:
- Natural Resources (6th),
- Cultural Resources (9th),
- Non-Leisure Resources (9th),
- India is among just three countries to feature in the top 10 across all these resource categories.
- Despite a decline in comparison to 2019, India still performs well in sustainability in Travel and Tourism.
- Changes in Index Criteria: India held the 54th position in 2021, but adjustments in index criteria restrict direct comparisons with 2022 and 2023.
- Challenges Faced by India’s Travel and Tourism Industry:
- Impact of global inflationary trends,
- the decline in price competitiveness, and
- the slow recovery of infrastructure.
- Overall Travel and Tourism Development Index (TTDI) Score: India’s TTDI score is 2.1% lower than 2019 however high-income economies of Europe and the Asia-Pacific region leading the index.
- Post-pandemic outlook for Travel and Tourism: Travel and tourism are expected to return to pre-pandemic levels because of lifted travel restrictions and accumulated demand.
- Mixed Recovery and Operating Conditions: While many economies improved their scores, the overall index remains just 0.7% above pre-pandemic levels.
World Economic Forum
- Established in 1971 by the founder Klaus Schwab.
- It is an International Organization for Public-Private Cooperation.
- Its headquarters is in Geneva, Switzerland.
- Travel & Tourism Development Index 2024 is the second edition that evolved from the Travel & Tourism Competitiveness Index (TTCI) series which has been