'Industry players promise to invest up to Rs 15k cr in tourism sector in India'

Industry players have assured of investing at least Rs 15,000 crore in the tourism sector in India, the Centre said at a three-day ‘Incredible India’ investors’ summit concluded here on Friday.

“We are overwhelmed with the participants’ response. With more that 2,000 registration of delegates and participation of countries like the US and Singapore, we have been able to fulfil Prime Minister’s dream of making tourism the strength of the Indian economy. Investments to the tune of around Rs 15,000 have been promised,” Union Tourism Minister Mahesh Sharma said.

He was replying to questions from media on the outcome of the three-day investors’ summit organised by the Tourism Ministry in collaboration with the Tourism Finance Corporation Confederation of Indian Industries (CII).

During the summit, the state governments and union territories sought to draw foreign and domestic investments, together offering at least 700 projects in the tourism sector. Many of the states could manage to secure investment promises, the ministry officials said .

They, however, expressed difficulty in immediately sharing the finer details about the investors and the projects of the states which drew their interests.

“The MoUs (memorandum of understanding) have already been signed. A process for compilation of the outcome of the summit is still going on. Within two weeks time, compilation results will come,” Sharma told reporters.

Earlier in the day, while addressing one of the sessions at the summit, the tourism minister said that the government would soon come up with a plan for disinvestment of hotels operating under the Indian Tourism Development Corporation (ITDC).

The Centre’s plan for disinvestment of the loss making hotels of the ITDC has been in the news for quite some time. Five ITDC hotels including Hotel Janpath in Delhi, are reported to have already been identified for privatisation as part of the centre’s plan to disinvest loss-making properties.