Coronavirus Lockdown: India's tourism sector loss doubles to Rs 10 lakh cr, says industry body FAITH

Apex sectoral body Federation of Associations in Indian Tourism & Hospitality (FAITH) on Monday doubled its loss guidance for India's tourism sector to Rs 10 lakh crore on account of the impact of COVID-19 pandemic

Press Trust of India May 05, 2020 17:36:50 IST
Coronavirus Lockdown: India's tourism sector loss doubles to Rs 10 lakh cr, says industry body FAITH

New Delhi: Apex sectoral body Federation of Associations in Indian Tourism & Hospitality (FAITH) on Monday doubled its loss guidance for India's tourism sector to Rs 10 lakh crore on account of the impact of COVID-19 pandemic.

The earlier forecast, which was shared with the government in March 2020, had put tourism''s economic value at risk at around Rs 5 lakh crore, FAITH said in a statement.

Coronavirus Lockdown Indias tourism sector loss doubles to Rs 10 lakh cr says industry body FAITH

Representational image. Reuters

The federation has revised its guidance given the way tourism supply chains are breaking down in India across all its key inbound, domestic and outbound markets, it added.

"We would like to double the earlier guidance of Indian tourism economic value at risk from Rs 5 lakh crore to Rs 10 lakh crore," a FAITH spokesperson said.

FAITH said it has shared the revision of loss guidance with an inter-ministerial group of the government. It has already requested help from the government for the survival of the tourism and hospitality sector.

For the revival of any demand in tourism, the tourism supply in India has to first remain intact, the statement said.

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