Government eyes 20 million foreign tourists by 2020, to double forex earnings. In 2017, for the first time, foreign tourist arrivals touched 10 million, up from 8.8 million in 2016, when it had grown by 9.7 percent over the previous year. Government has set a target of doubling the number of foreign tourist arrivals (FTAs) at 20 million as well as earnings from the sector by 2020, Union tourism minister KJ Alphons said on Thursday. In 2017, for the first time, foreign tourist arrivals touched 10 million, up from 8.8 million in 2016, when it had grown by 9.7 percent over the previous year. "We have crossed 10 million FTAs in 2017 and if we include non-resident Indians visiting the country, the number went up to over 17 million," the minister said. On the revenue side, without sharing the absolute numbers the minister said, "in dollar terms our earnings have gone up by 20.2 per cent, which is a very good growth compared to the world tourism that grew by less than 5 per cent." related news. A look at colts who have led India to glory in previous U-19 cricket World Cup finals. Citizens should pay taxes on time, says Lok Sabha Speaker Sumitra Mahajan. Rahul Dravid — The tryst with the World Cup. In 2016, the World Travel and Tourism Council had ranked the country at the seventh slot in terms of its size as a tourism economy with forex earnings of close to USD 209 billion or Rs 14.1 trillion. This was equivalent to 9.6 per cent of GDP. Addressing the media on the sidelines of the annual tourism event OTM 2018, here he said "these are very encouraging numbers and government is working towards doubling both the arrivals and forex exchange earnings in the next three years." Underlining the role of the states in tourism development, Alphons said his ministry is working with the states and with the industry, "as they have a big role to play. So, we are all working together to make this possible." The country is ranked 13th in terms of foreign tourist arrivals globally, and seventh in Asia Pacific, he said. "We are getting good spenders who are contributing 6.88 per cent to GDP and we are also contributing 12.6 per cent to overall employment," he added. On the upcoming tourism policy, Alphons said, it should be out in two-three months, as "we are incorporating new ideas". On his expectation from the Budget for his ministry, he said, "we are hoping to get more than last year. I hope they will be generous in the budget allocation." Addressing the event, Maharashtra tourism minister Jaykumar Rawal said Mumbai has one of the best airports in the world and is also building a world-class cruise port. "We are building an international cruise port with an investment of Rs 5,000 crore at Mazagon Dock. It will be operational by 2020 and is fully funded by government," the state minister said. The three-day OTM is being attended by over 45 countries, 21 states and Union territories and over 1,100 exhibitors. tags #Business #Current Affairs #Economy #India #Tourism. most popular. Budget 2018: Populism was always on the cards, and Arun Jaitley duly delivered. Budget 2018: Jaitley's election Budget balances populism and discipline, but leaves salaried class and investors cold. Udayan Mukherjee decodes Budget 2018, terms it a disappointment for investors. Video of the Day. Must Watch. stay updated. Trending news. Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. Confused? use our Compare Brokers feature. Thank you for registering. Respective broker representative will reach you shortly. Economic Survey 2018 Highlights: Forex earnings from tourism jump 20.8% in 2017. The finance minister has tabled the Economic Survey in Parliament. The Survey pegs FY19 GDP growth at 7-7.5% and cites current high oil prices as a major concern. Stay tuned for more. highlights. 02:14 PM IST. The Economic Survey said that average retail inflation had declined to a six-year low of 3.3 percent in FY18, and that the economy was moving towards a more stable price regime. The Survey found that smaller registered companies were equally involved in selling to both consumers and businesses, whereas medium and large-sized companies were more involved in B2B operations than B2C. Chief Economic Advisor Arvind Subramanian has said that manufacturing export grew at 11 percent and that temporary challenges are receding. Economic Survey expects FY19 growth to be 7-7.5 percent vs 6.75 percent for FY18. President Kovind lauds the government's fight against corruption, pointing out that registrations of over 350,000 suspicious companies have been canceled over the last one year. President Kovind said that digital payments have prevented as much as Rs 57,000 crore from getting into the wrong hands. He also said that Aadhaar has helped in securing the rights of the poor by eliminating middlemen. The Sensex and Nifty indices were up 0.9 percent and 0.8 percent, respectively, ahead of the Economic Survey getting tabled in Parliament. Parliament’s Budget Session begins today with all eyes on the all-important Economic Survey to be presented by Finance Minister Arun Jaitley, followed by the Budget on Thursday. Apart from the Budget, several other crucial bills are on the agenda for this session, including the contentious triple talaq bill, which criminalises the practice instant divorce among Muslims. Chief Economic Advisor Arvind Subramanian will present highlights of the Economic Survey at 1.30 pm today, after the document is tabled in Parliament. The Economic Survey will be tabled after President Ram Nath Kovind's speech at 11 am to a joint session of Parliament. Here are the top 10 highlights of the Economic Survey: > Economic Survey expects FY19 growth to be 7-7.5 percent vs 6.75 percent for FY18. > The Economic Survey has predicted gross value added for FY18 at 6.1 percent as against 6.6 percent for the previous financial year. > Agriculture, education, and employment will be areas of focus in the medium term, according to the Economic Survey. > Economic Survey says private investment is poised for a rebound. > The Economic Survey has called the prevailing high oil prices are a matter of concern. > The biggest source of upside potential is the exports sector, the survey says. > NITI Aayog Vice Chairman says that he hopes the government sticks to its 3% fiscal deficit target for FY19 but that it was possible that the deficit could end up being higher than that. > Economic Survey says that consumption demand is likely to be aided by low real estate. > The biggest source of upside potential is the exports sector, the Economic Survey states. > The Economic Survey says economy management is likely to be challenging in FY19. Thanks for staying on with our coverage of the Economic Survey 2018. Economic Survey 2018: Survey for dedicated benches at high courts for tax disputes. The Economic Survey recommended setting up of separate benches at high courts to handle tax cases to help prune the pendency and bring about consistency in resolving litigation. Economic Survey 2018: Strong policies and institutions for supporting inclusive growth should be govt's top priority. Being a developing economy, there is not enough fiscal space to increase the expenditure on critical social infrastructure like education and health in India, it said. Economic Survey 2018: Government keen to double farm income by 2022. The government is keen to double the income of the farmers by 2022, for which it has launched several new initiatives that encompass activities from seed to marketing, the Economic Survey tabled in Parliament today said. The Economic Survey 2018 said 11 companies facing Corporate Insolvency Resolution Process (CIRP) owe claims worth Rs 3.13 lakh crore. India needs $4.5 trillion by 2040 to develop Infra: Economic Survey. India will need about USD 4.5 trillion in the next 25 years for infrastructure development, of which it will be able to garner about USD 3.9 trillion, the Economic Survey said. Economic Survey 2018: India should leverage artificial intelligence, blockchain for future growth. It suggested six key areas that can be taken up as national missions to promote India's R&D capabilities, i.e. Economic Survey 2018: Implementation of IBC process to be key determinant of growth. India will grow at 7 to 7.5 percent in 2018-19 and 6.75 percent this fiscal, the Survey said in an upbeat forecast, thereby re-instating India as the world's fastest growing major economy. Economic Survey 2018: Rising NPAs of housing loans disbursed by public banks and HFCs a cause of concern. The individual housing loan disbursements of Public Sector Banks (PSBs) and Housing Finance Companies (HFCs) have shown an increase of nearly 11 percent in 2016-17 over 2015-16 but increasing non-performing assets (NPAs) of individual housing loan portfolios of PSBs and HFCs is a cause for concern, says the Economic Survey. India has posted an average per capita GDP growth rate of 4.5 percent from 1980, one of the highest among democracies. Economic Survey 2018: Real estate and construction to create over 1.5 crore jobs over next five years. The real estate and construction sector will create over 1.5 crore jobs over the next five years, according to the Economic Survey 2017-18, tabled in Parliament on Monday. On tourism sector, the Economic Survey noted that to promote tourism, the country celebrated 'Paryatan Parv' from October 5 to 25, 2017 with three main components -- Dekho Apna Desh, Tourism for All, Tourism and Governance. Economic Survey 2018: More women than men take benefit of MNREGA, still remain 'most disadvantaged' Economic Survey 2018 outlined the reforms initiated by the government during the previous fiscal focused on empowering women and addressing gender parity issues. "Among developing countries, there exists gender gaps in labour force participation rates. The Economic Survey 2018 said that foreign exchange earnings from tourism sector jumped 20.8 percent to USD 27.7 billion in 2017, aided by the initiatives such as ‘Atithi Devo Bhava’ ('The guest is equivalent to God') taken by the government for the sector. Between numbers, Arvind Subramanian captures prose of Economic Survey in poetry. In these surcharged days of Padmaavat, Chief Economic Adviser Arvind Subramanian takes refuge in the sobering metaphors of Manoj Kumar's Upkaar, T.S. Economic Survey 2018: Pause in general fiscal consolidation cannot be ruled out. The government had pegged the fiscal deficit target at 3.2 percent of Gross Domestic Product (GDP) for the financial year 2017-18, ensuring adherence to the path of fiscal consolidation, without compromising on public investment. According to the Economic Survey 2018, if per capita income in India grows at 6.5 percent per year, India would reach upper-middle income status by the mid-to-late 2020s. COMMENT-The Economic Survey carries some important messages for equity markets. There seems to be light at the end of the tunnel. The Survey observes that many of the issues that hamstrung growth in the past are getting resolved. Economic Survey 2018: Higher growth rate, possible revival in private capex among top 10 takeaways. Private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off. The annual rate of increase in immunisation coverage has gone up from one to 6.7 percent benefiting children in far-flung and tribal areas, President Ram Nath Kovind said today. The Economic Survey 2018 said that the telecom sector is going through stress due to a huge debt pile, tariff war and irrational spectrum costs and called for policy measures to minimise over-bidding of assets during auctions. Economic Survey 2018 bullish on growth as GST benefits kick in. The annual Economic Survey hit an upbeat note on Monday, predicting that India would grow at 7-7.5% in 2018-2019 as it shakes off the disruptive effects of demonetisation, and the benefits of the Goods and Services Tax (GST) kick in. Indian firms mopped up over Rs 70,000 crore through primary markets during April-November of the current fiscal, a surge of 45 per cent from the year-ago period, according to the Economic Survey 2017-18. The share of Indian Railways in freight movement has been witnessing a drop over a period of time, mainly on account of non-competitive tariff structure, the Economic Survey said. Economic Survey 2018: After a year of contraction, software exports see positive growth in first half of 2017-18. Software exports registered a negative growth of 0.7 percent in 2016-17, and in the first half of 2017-18, it grew by 2.3 percent, as per the Reserve Bank of India data provided in the Economic Survey 2017-18, tabled in the Parliament on Monday. India has become a better place for doing business following the government's initiatives such as Goods and Services Tax (GST) and insolvency and bankruptcy code, the Economic Survey said. Student Classroom Ratio (SCR) and Pupil Teacher Ratio (PTR) of the government-run schools have witnessed 'significant progress', the Economic Survey said. Economic Survey 2018: JAM enhanced with UPI to improve delivery of services such as health and education. The introduction of JAM, i.e. India will need about USD 4.5 trillion in the next 25 years for infrastructure development, of which it will be able to garner about USD 3.9 trillion, the Economic Survey said. Video of the day. Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. Confused? use our Compare Brokers feature. Thank you for registering. Respective broker representative will reach you shortly.