New Delhi, December 29: Tourism is a major engine of economic growth and an important source of foreign exchange earnings in many countries including India. However, as the tourism is flourishing, the country's economy is also getting a massive hike. Notably, Foreign Exchange Earnings (FEEs) during the month of December 2017 was Rs. 19,514 crore as compared to Rs. 16,558 crore in December 2016 and Rs. 14,152 crore in December 2015.
The highlights of the estimates of FEEs from tourism in India for December 2017 and Jan-Dec 2017 are as below:
Foreign Exchange Earnings (FEEs) through Tourism (in Rs. terms):
- FEEs during the month of December 2017 were Rs. 19,514 crore as compared to Rs. 16,558 crore in December 2016 and Rs. 14,152 crore in December 2015.
- The growth rate in FEEs in rupee terms in December 2017 over December 2016 has increased to 17.9%, compared to 17.0% in December 2016 over December 2015.
- FEEs during 2017 were Rs. 1,80,379 crore with a growth of 17.0% over 2016. Whereas, the FEEs during 2016 were Rs.1,54,146 crore with a growth of 14.0% over 2015.
- Foreign Exchange Earnings (FEEs) through Tourism (in US $ terms)
- FEEs in US$ terms during the month of December 2017 were US$ 3.038 billion as compared to FEEs of US$ 2.439 billion during the month of December 2016 and US$ 2.126 billion in December 2015.
- The growth rate in FEEs in US$ terms in December 2017 over December 2016 has increased to 24.6% compared to the growth of 14.7% in December 2016 over December 2015.
- FEEs during 2017 were US$ 27.693 billion with a growth of 20.8% over 2016. Whereas, the FEEs during 2016 were US$ 22.923 billion with a growth of 8.8% over 2015.
Based on the credit data of Travel head as available from Balance of Payments of RBI for the previous year, Ministry of Tourism estimates and releases the data of Foreign Exchange Earnings (FEEs) through tourism in India, both in rupee and dollar terms, for the current month applying suitable inflation factor and current month Foreign Tourist Arrivals data.