The spiraling currency crisis in Europe, a major source market for India tourism, might once again push the Indian travel industry, especially the hospitality sector, on the back foot. While financial pundits forecasts opportunities for India in the short-term due to currency crisis in Europe, the Indian travel industry is waiting with bated breath on the unfolding economic scenario in Europe. The overall negative sentiment across Europe and weak purchasing power of Euro against major global currencies, may force Europeans to rethink or postpone their spending on leisure activities, including travel. The crisis, started in Greece has so far engulfed almost all Eurozone countries. India tourism cannot sweep the issue under the rugs for long, as Europe contributes roughly 30 per cent of India inbound.
P R S Oberoi, Chairman and CEO, East India Hotels Limited gave ample indications about the impact of Euro crisis on India. “Euro crisis will have severe impact on inbound from those countries. A lot of our guests come from Europe,” added Oberoi. |