It was definitely not what the Indian travel and tourism industry has been expecting. Budget 2021-22 has come as a rude shock for an industry, which has faced the most severe brunt of the COVID-19 pandemic in the last one year. Global tourism suffered its worst year on record in 2020, with international arrivals dropping by 74% according to the latest data from the World Tourism Organization (UNWTO). Destinations worldwide welcomed 1 billion fewer international arrivals in 2020 than in the previous year, due to an unprecedented fall in demand and widespread travel restrictions. This collapse in international travel represented an estimated loss of USD 1.3 trillion in export revenues - more than 11 times the loss recorded during the 2009 global economic crisis. The crisis has put betwee...
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Tourism dependent economies across the globe are coming up with innovative and desperate measures to revive the tourism industry and so is the case with Goa. While some may cite the growing number of COVID-19 cases in the country at an alarming rate to argue that the restrictions lifting decision in Goa is premature, one must look at the state of the economy and the economy of the state, says a leading travel trade analyst. Following the news that Goa has lifted the restrictions on the movement of people in and out of the state and has allowed the reopening of bars; Animesh Kumar, Director of Travel and Tourism Consulting at GlobalData, a leading research and consulting company, said that, “Tourism, along with mining and pharmaceuticals, is a major contributor to the economy of Goa...
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