India hospitality sector's losses from COVID-19 estimated at US$ 65 bln
By Shakir Husain
NEW DELHI, Sept 10 -- India's hospitality sector will lose US$65 billion (US$1=RM4.16) due to the COVID-19-produced turmoil this year, according to an industry report.
"The coronavirus pandemic has given a crippling blow to the Indian travel and tourism industry.
“This is one of the worst crises ever to hit the Indian tourism industry, impacting all its geographical segments -- inbound, outbound and domestic, almost all tourism verticals -- leisure, adventure, heritage, MICE, cruise, corporate, and niche segments," the study by the Confederation of Indian Industry and hospitality consulting firm Hotelivate said.
Hotel occupancy dropped to seven per cent in April from 80 per cent in January following the nationwide shutdown to contain the spread of COVID-19.
With the lockdown being eased, occupancy levels in August improved to 22 per cent.
The loss of hotel revenue is estimated at US$19.3 billion.
"The figures are quite alarming and the industry needs immediate measures for survival," the report said.
It noted that the travel and tourism industry accounts for 9.2 per cent of India's GDP, employs 8.1 per cent of people, and earns US$28 billion in foreign exchange annually.
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