India's booming travel and tourism industry is expected to become the second largest employer in the world by 2019, according to a new study.
The country's industry is estimated to employ over 40 million people by 2019 if it grows at 8.8 percent per annum, according to study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and YES Bank.
The study has projected that India would generate capital investment worth $94.5 billion by 2019 in the tourism and travel sector.
The study argues that travel and tourism will not only transform the urban India but also the rural areas and eventually promote agri tourism by including thousands of farmers.
According to the study, tourism would be the largest service industry in the country. Its importance would lie in being an instrument for economic development and employment generation particularly in the remote and backward areas.