Travel, tourism to support 9 crore new jobs by 2035: WTTC
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Mumbai (PTI): The international travel and tourism sector will support 9.1 crore new jobs in the next 10 years, accounting for one in every three jobs created globally, according to a report by the World Travel & Tourism Council (WTTC).
Demographic and structural shifts could create a workforce shortfall of more than 4.3 crore people if left unaddressed, says the report, ‘Future of the Travel and Tourism Workforce’, which focused on 20 economies.
The Council works with governments on issues of the travel and tourism industry, and is the global authority on the economic and social contribution of the sector.
The report, released at the 25th WTTC Global Summit in Rome recently, is based on extensive global research, including a large-scale survey of business leaders and in-depth interviews with the tourism body’s members and other key stakeholders, a release said.
“In 2024, demand for travel and tourism was stronger than it has ever been. The sector’s GDP contribution grew 8.5 per cent to reach USD 10.9 trillion, surpassing 2019 levels by 6 per cent. Travel providers created 20.7 million new jobs, bringing the total to 357 million worldwide,” the report said.
Over the next decade, the sector is projected to generate 9.1 crore new roles, accounting for one in every three net new jobs created globally, the report said.
By 2035, global demand for workers in travel and tourism will outpace supply by more than 4.3 crore people, leaving labour availability 16 per cent below required levels, it said.
The report said labour challenges will affect all the 20 major economies analysed, with the largest absolute shortfalls forecast in China (1.69 crore), India (1.1 crore), and the European Union (64 lakh).
Europe remains at the forefront of international tourism, with five of the world’s top 10 most powerful travel and tourism markets by GDP, it said.
The Middle East remains one of the fastest-growing regions in the sector, with Saudi Arabia continuing to stand out, with inbound visitor spend surging and infrastructure investment reaching record levels, the report said.
In her keynote at the summit opening ceremony, Italian Prime Minister Giorgia Meloni highlighted her government’s investment in tourism infrastructure and her conviction that the sector is “an extraordinary generator of wealth and well-being.”
Italian Tourism Minister Daniela Santanchè, Saudi Arabia’s Tourism Minister Ahmed Al-Khateeb and Malta’s Deputy Prime Minister and Minister for Foreign Affairs and Tourism Ian Borg were present.
Gloria Guevara, WTTC Interim CEO, said “Travel and tourism is set to remain one of the world’s biggest job creators, offering opportunities for millions of people worldwide.”
At the summit, Manfredi Lefebvre, a global leader in travel and tourism, was named as the new WTTC chair, succeeding Greg O’Hara, who led the organisation since November 2023.
“WTTC has been a cornerstone of our industry, championing resilience and progress. Travel is not just an industry; it is a profound passion that connects people,” Lefebvre said.
The summit was hosted in partnership with the Italian Ministry of Tourism, ENIT (the Italian national tourist board), the Municipality of Rome, and the Lazio Region.
Every year, WTTC produces reports on the economic and employment impact of travel and tourism for 184 countries/economies and 28 geographic or economic regions in the world.
The Economic Impact Research reports are a vital tool in helping equip public and private sector bodies understand the significant value travel and tourism brings to the economy, and ensure that policymaking and investment decisions support the sector.
The Council aims to maximise the inclusive and sustainable growth potential of the travel and tourism sector by partnering with governments, destinations, communities, and other stakeholders to drive economic development.
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Air India resorts to cost-cutting ways amid 'tough times'; layoffs not anticipated
New Delhi/Mumbai (PTI): Hit hard by Pakistan airspace closure and Iran war, Air India has resorted to cost-cutting measures, including holding back annual increments for staff and asking them to cut discretionary spending as well as non-critical expenditures, warning of "tough times".
On Friday, Air India Chief Executive Officer & Managing Director (CEO & MD) Campbell Wilson told the staff it is going to be a "very, very difficult year" if things don't improve on the Middle East front.
A day after the loss-making airline's board discussed various cost-saving steps, Wilson, along with Chief Financial Officer (CFO) Sanjay Sharma and Chief Human Resources Officer (CHRO) Ravindra Kumar GP, addressed the employees during a townhall on Friday where the emphasis on the need to keep a close watch on costs.
With higher jet fuel prices due to the West Asia conflict and airspace curbs, the loss-making airline's expenses have spiralled in recent times and against this backdrop, Sharma also told staffers that FY26 has seen a softening in revenue amid heightened external uncertainties.
Calling for a relentless focus on costs in these tough times, Wilson urged employees to suspend discretionary spending, renegotiate rates where feasible, and defer non-critical expenditures.
"There must be a laser-sharp focus on eliminating wastage and leakages," he said.
Stressing the need to tighten the belt for a while, Wilson sounded optimistic that travel demand would rebound and the industry would continue on its upward path.
CHRO Ravindra Kumar told staff that the airline will proceed with variable pay for the last financial year and continue with planned promotions while noting that annual increments will be deferred by at least one quarter.
"We don't anticipate layoffs," he said.
At the airline's board meeting on Thursday, various cost-saving steps, including likely furloughs, were discussed. The Tata Group-owned airline has around 24,000 employees.
Generally, furlough refers to sending staff on unpaid leaves by companies during a tough financial situation.
During the townhall, CFO Sanjay Sharma said while strong revenue growth and fleet expansion drove financial momentum through FY25, FY26 has seen a softening in revenue amid heightened external uncertainties.
Air India has seen around 40 per cent CAGR (Compounded Annual Growth Rate) in revenue between 2022 and 2025, he added.
The airline was acquired by the Tata Group from the government in January 2022.
The Air India CEO mentioned the external challenges being facing the aviation industry as a whole, including the continued closure of Pakistan airspace that is expected to persist for the foreseeable future and geopolitical conflicts leading to disruptions and airspace closures across West Asia.
Wilson, who is set to step down later this year, also flagged a sharp depreciation of the rupee and a 2.5-3 times increase in jet fuel prices, and added that these factors have adversely affected travel sentiment and consumer confidence, as per the sources.
If the Strait of Hormuz opens, oil prices fall and consumer as well as business confidence come back, there is a decent chance of a solid recovery, Wilson said, adding that unless those circumstances happen, it was going to be "a very, very difficult year".
"I feel somewhat responsible that we ended up with probably the biggest surprise of the year in the external environment which was a full-scale war in our neighbouring region in the Gulf. That has had a huge impact on airspace," he said.
For Air India, Wilson said the situation is compounded by the fact that the airline cannot fly over the neighbouring country and has to take a much longer routing for any west-bound destination.
"Every airline is reporting that they are under some sort of financial pressure as a result of higher fuel prices and economic uncertainty. So, it is unfortunately not a great environment to be running an airline," the Air India CEO said.
The Air India Group -- Air India and Air India Express -- is projected to have incurred more than Rs 22,000 crore loss in the financial year ended March 2026.
At the townhall, Wilson also highlighted various initiatives, including completion of the retrofit of its legacy narrow-body aircraft and rapid network optimisation to redeploy capacity more efficiently.
