India — an untapped tourist goldmine?

  China’s exploding outbound tourism market and how it will shape the future of the global leisure and luxury industries over the next decade has been well documented but, so far, less attention has been paid to giant neighbour India, which offers similar potential. Its already 1.2 billion population is expected to expand by 51 percent up to 2050, while China in absolute terms is expected to begin to shrink from 2030 onwards, the United Nations World Population report forecasts. According to World Bank estimates its middle class is likely to swell to more than 1 billion by 2025, or about two thirds of its forecast population at that time. The Boston Consulting Group says consumer spending in India is likely to more than triple from $991 million in 2010 to $3.6 trillion by 2020, a 14 percent annual growth rate, or 8 percent in real terms. While the Brookings Institution forecasts...

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