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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Russian military hardware, spare parts for Indian military to be manufactured in India
New Delhi (PTI): Russia agreed to encourage joint manufacturing in India of military hardware and spare parts for maintenance of Russian-origin arms and defence equipment.
Ways to bolster overall bilateral defence cooperation figured prominently during summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin on Friday.
It has been a long-standing grievance of armed forces that the supply of critical spares and equipment from Russia takes a long time, affecting the maintenance of military systems procured from that country.
"Both sides agreed to encourage joint manufacturing in India of spare parts, components, aggregates and other products for maintenance of Russian origin arms and defence equipment under Make-in-India programme through transfer of technology," a joint statement said.
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It said both sides also agreed to set up joint ventures for meeting the needs of the Indian armed forces as well as subsequent export to mutually friendly third countries.
The joint statement said the India-Russia defence partnership is being reoriented to take up joint co-development and co-production of advanced defence technology and systems.
In their meeting on Thursday, Defence Minister Rajnath Singh and his Russian counterpart Andrey Belousov resolved to expand bilateral defence cooperation.
In the meeting, the Indian side showed keen interest in procurement of additional batches of S-400 missile systems from Moscow to bolster its combat prowess.
In October 2018, India signed a USD 5 billion deal with Russia to buy five units of the S-400 air defence missile systems, notwithstanding a warning by the US that going ahead with the contract may invite US sanctions under the provisions of Countering America's Adversaries Through Sanctions Act (CAATSA).
Three squadrons have already been delivered.
The S-400 systems played a crucial role during Operation Sindoor. India may also look at procuring the S-500 missile systems from Russia.
In the Modi-Putin talks, the two sides also agreed to continue jointly developing systems of bilateral trade settlements through the use of national currencies.
Additionally, the two sides agreed to continue their consultations on enabling the interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms.
Modi and Putin appreciated the ongoing intensification of the joint work on a free trade agreement on goods between India and the Eurasian Economic Union, covering sectors of mutual interest, the joint statement said.
They also directed both sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investment, it said.
India and Russia also welcomed steps to ensure long-term supply of fertilisers to India and discussed the potential establishment of joint ventures in this area.
