Spending by Foreign Tourists Soars, India’s Latest Economic Survey States - India Report

India’s foreign exchange earnings through tourism in 2023 was INR 2.3 trillion ($27.5 billion), according to the government's latest Economic Survey for 2023-24 – a 66% gain over 2022.

In 2023, more than 9.2 million foreign tourists visited India, up 44% from 2022. 

Those are strong gains, however we've previously reported that much of India's recovery post-pandemic is being driven by the domestic tourism market. According to a report by World Travel and Tourism Council (WTTC), international travel spending in India in 2023 was some 14% less than pre-Covid levels.

Hospitality Industry in India: The Economic Survey said that in 2023, the hospitality industry in India added 14,000 rooms, the most it has ever added. The total inventory of “chain-affiliated rooms” in India stood at 183,000. 

The survey added that the industry is also working to personalize guest experiences and improve operational efficiencies. “Hotels are also adopting innovative operational strategies, such as leasing or managing external restaurant, spa, and lounge brands, to capitalize on established concepts that attract hotel residents, thereby boosting revenue,” the Survey added.

Data compiled from the monthly reports of hospitality consulting firm HVS Anarock showed that in the 2024 financial year, the average daily rates in Indian hotels increased to INR 7,616 ($