'My great-grandfather told me exactly this in 1967': Shankar Sharma on Vijay Kedia's $1 tn tourism optimism

Investor Shankar Sharma appeared not very convinced with Vijay Kedia's optimism that India's tourism industry can soar to a trillion-dollar sector. Kedia earlier in the day said that India's tourism industry is an untapped goldmine and that it could soar to $1 trillion. However, Sharma said that his great-grandfather had shared the same vision back in 1967.

"My Great Grand Father told me exactly about this trillion dollar potential in 1967, which he was very bullish about. Sab kuch same same tha: beaches, temples, heritage, Taj Mahal, Lal Qila, Chandni Chowk, Hawa Mahal, Kashmir, Shimla, Choley Bhaturey, Jama Masjid, Dharavi," Sharma wrote, implying that while India’s attractions remain world-class, the economic promise attached to them has remained largely unfulfilled.

Sharma’s reaction came after Kedia described India’s tourism industry as an untapped goldmine. According to Kedia, tourism contributed $230 billion (around 5% of GDP) in 2023, rising to $253 billion in 2024, but with the right focus, the industry could soar to $1 trillion, creating millions of jobs. He pointed out that the 45-day Kumbh Mela alone is expected to generate $40 billion to $50 billion, underscoring the scale of economic impact tourism can have if leveraged properly.

"India has it all—BREATHTAKING BEACHES, MAJESTIC MOUNTAINS, VAST DESERTS, ROYAL PALACES, SNOW-CLAD LANDSCAPES, MAGNIFICENT TEMPLE ARCHITECTURE, RICH CULTURAL HERITAGE, SPIRITUAL RETREATS, THRILLING ADVENTURES, AND HOLISTIC WELLNESS TOURISM," Kedia argued, but noted that infrastructure, safety, ease of travel, hygiene, and better marketing remain key obstacles preventing the sector from reaching its full potential.

The World Travel and Tourism Council (WTTC) estimates that India’s tourism sector will more than double in the next decade, reaching $523 billion. The sector currently employs 45 million people, with expectations to create 18 million more jobs, taking total employment in the industry to 63 million by 2034.

"India is one of the most beautiful and amazing countries in the world. Tourists and visitors across the centuries have been attracted to its shores and wonderful cities. India continues to welcome the world with open arms, and Indian hospitality is incredible," WTTC President and CEO Julia Simpson said in an interview with PTI in December 2024.