Modi appeal to avoid foreign travel hits Indian tourism
Prime Minister Narendra Modi has called for a reduction in overseas travel and fuel consumption to manage India's import bill amid rising global oil prices. The travel industry reports a 15% drop in summer inquiries as investors sell off shares in major airlines and booking platforms.
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India travel stocks fell on Monday after Prime Minister Narendra Modi appealed to citizens to avoid foreign trips to reduce a $1 trillion import bill. The appeal follows a 15% drop in summer inquiries as inflation and high fuel costs squeeze the $231.6 billion tourism sector. Investors face immediate volatility in travel aggregators as the government pivots toward low-margin domestic tourism to stabilize foreign exchange outflows.
