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Time of India
5 days ago
- Business
- Time of India
FDI in hospitality industry registered 216% growth in 2024: Tourism minister
Advt By , ETHospitalityWorld Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHospitalityWorld industry right on your smartphone! Download the ETHospitalityWorld App and get the Realtime updates and Save your favourite articles. As per the government reports, the Foreign Direct Investments (FDI) in the hotel and restaurant sector has increased by 216 percent between 2023 and 2024 primarily as a result of the positive mood in the industry due to successful listing of a number of hotel companies in the stock market union tourism minister, Gajendra Singh Shekhawat , in a written response to a question in the Parliament last week, quoting the DPIIT (Department of Promotion of Industry and Internal Trade) figures, said that the FDI into the hotel and restaurant industry in the country has gone up from Rs 3,636.25 crore in 2023 to Rs 11,490 crore in amount was Rs 2,827.44 crore in has also been a steady increase in the outstanding credit extended by financial institutions to the hospitality sector in the last three years, the minister said citing RBI on May 31, 2025, the credit outstanding reported was Rs 85,206 crore against Rs 78,408 crpre on the same date in 2024. This was Rs 68,712 crore around the same time in the year a question related to marketing development assistance (MDA) scheme meant to provide financial support to tourism service providers (TSPs) in the country like tour operators, hotels and other stakeholders to undertake promotion of Incredible India in overseas markets which is on hold for nearly five years now, the tourism minister said that the scheme was currently under review.'The Ministry of Tourism extends financial assistance to the approved tourism service provider (TSPs) across the country for undertaking promotion and marketing of tourism to the country from the overseas markets, under the Marketing Development Assistance (MDA) Scheme. The scheme is under review to align with the evolving requirements of the industry,' the minister said in a written reply in response to a query in the Rajya Sabha.
Time of India
17-07-2025
- Health
- Time of India
India needs to offer tax incentives, push health startups to make country global medical hub: Report
India needs to offer tax incentives for hospitals treating international patients and promote startups in the health sector to make the country a global medical hub by 2035, said a report. The 'Heal in India: Catalysing Medical and Wellness Tourism for a Healthier Global Future' report, released on Thursday, said that India's medical tourism market is expected to increase from USD 18.2 billion in 2025 to USD 58.2 billion by 2035, growing at an annual compounded rate of 12.3 per cent. Explore courses from Top Institutes in Select a Course Category Data Science Healthcare CXO Data Science MCA others Design Thinking Data Analytics Operations Management Cybersecurity Others Degree Technology Product Management Leadership Project Management healthcare Management MBA Public Policy PGDM Finance Digital Marketing Artificial Intelligence Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details The report launched by Federation of Hotel and Restaurant Associations of India (FHRAI), in collaboration with KPMG in India, also recommended the introduction of global branding campaigns by leveraging embassies, expos, and digital platforms and the launch of 'Heal in India' missions at the national and state levels. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Struggling With Belly Fat? Try This at Home Home Fitness Hack Shop Now Undo "To attract investment and improve service delivery, India should offer a mix of fiscal and non-fiscal incentives. These include tax exemptions for hospitals treating international patients, increased subsidies under the Marketing Development Assistance scheme, technical support for marketing and promotion, including on digital platforms, and 100 per cent FDI in broader medical infrastructure, including wellness centres," the report stated. It further called for the introduction of targeted subsidies and grants for startups and organisations working in health-tech, medical research, and digital health solutions that directly support medical tourism. Live Events Notably, recommends enabling insurance portability by collaborating with international insurance providers to include Indian hospitals in their coverage networks, arguing that this could reduce financial barriers for foreign patients and make India a more viable destination for insured medical travellers. The report also suggests addressing gaps in visa-insurance linkage, strengthening capacity building by training health facilitators and providers on global standards and multi-lingual hospitality. "To reinforce India's leadership in global medical and wellness tourism, a structured mission should be initiated at both national and state levels, aligned with the National Strategy and Roadmap for Medical and Wellness Tourism," the report stated. It recommended elevating the existing National Medical and Wellness Tourism Promotion Board into a comprehensive national mission that facilitates strategic policy execution and inter-ministerial coordination. India ranks 10th in the Medical Tourism Index and 7th in Wellness Tourism, attracting nearly 2 million international patients from 75 countries. Medical visa issuance by India rose to 4,63,725 in 2024, with the majority of patients from Bangladesh, GCC nations, and Africa. The global medical tourism market, pegged at USD 41.75 billion in 2024, and wellness tourism (at USD 954.14 billion), are expected to double by 2030 and 2034, respectively.
