India needs to focus on major push for travel retail sector

The India travel retail market is witnessing substantial growth, fuelled by a rise in both international and domestic tourism. According to the World Economic Forum’s Travel and Tourism Development Index (TTDI) 2024, India ranks No. 39 among 119 countries, which highlights the nation’s increasing prominence in the global tourism sector. The middle classes have a passion and the wallet to travel the world. Consumer spending abroad has reached record levels, and the good news is that their spending priority is foreign travel, increasing from 37 per cent of spend in 2020 to 53.6 per cent in 2024 a rise of almost 25 per cent year-on-year to $17 billion in 2024 with over 40,000 new passports being issued every day. Passionate about…