The coronavirus pandemic would have a debilitating impact on India’s tourism sector with the industry estimating an overall loss of Rs 5 lakh crore and job cuts for 4-5 crore people.
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Of the total losses, the organised sector in the industry — branded hotels, tour operators, travel agencies — which are the mainstay of the sector may be hit the hardest with an estimated loss of around Rs 1.58 lakh crore, according to Confederation of Indian Industry estimates.
The industry body has said that branded hotel groups are set to lose as much as Rs 1.10 lakh crore, online travel agencies Rs 4,312 crore, tour operators (inbound and domestic) Rs 25,000 crore, adventure tour operators Rs nearly 19,000 crore and cruise tourism Rs 419 crore.
Sources in the Union Ministry of Tourism said the government is considering helping the sector with soft loans, working capital and deferment on loan repayments.
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