Govt earns $9.16 bn from tourism in '07
Doing away with the existing methodology of calculating foreign exchange earnings, the Ministry of Tourism on Wednesday said its actual earning this year till November stood at $9.16 billion instead of $6.32 billion as projected earlier.
By PTI |
NEW DELHI: Doing away with the existing methodology of calculating foreign exchange earnings, the Ministry of Tourism on Wednesday said its actual earning this year till November stood at $9.16 billion instead of $6.32 billion as projected earlier.
The revised figures for the year 2006 will be $8.93 billion in place of current figure of $6.57 billion, up by 36 per cent, as per new calculations.
The ministry from now on will adopt Consumer Price Index-Urban Non-Manual Employees(CPI-UNME) as index of earning, instead of the existing Wholesale Price Index(WPI) as measure of earnings, in conformity with the RBI practice.
While WPI is essentially used for commodities and not services, CPI-UNME takes into account the heads such transport and communications, housing, and recreation and amusement pertaining to the tourism sector, S Banarjee, Secretary Tourism, said here.
"The items covered under these categories may not correspond exactly with the services consumed by tourists, it is certainly a better index vis-a-vis the WPI for inflating the ratio of foreign exchanges earned per tourist," Banarjee said.
Going by the revised methodology, the estimated foreign exchange earning for 2005 and 2006 will be $7.49 billion and $8.93 billion respectively in place of current estimates of $5.73 billion and $6.57 billion.
The revised figures for the year 2006 will be $8.93 billion in place of current figure of $6.57 billion, up by 36 per cent, as per new calculations.
The ministry from now on will adopt Consumer Price Index-Urban Non-Manual Employees(CPI-UNME) as index of earning, instead of the existing Wholesale Price Index(WPI) as measure of earnings, in conformity with the RBI practice.
While WPI is essentially used for commodities and not services, CPI-UNME takes into account the heads such transport and communications, housing, and recreation and amusement pertaining to the tourism sector, S Banarjee, Secretary Tourism, said here.
"The items covered under these categories may not correspond exactly with the services consumed by tourists, it is certainly a better index vis-a-vis the WPI for inflating the ratio of foreign exchanges earned per tourist," Banarjee said.
Going by the revised methodology, the estimated foreign exchange earning for 2005 and 2006 will be $7.49 billion and $8.93 billion respectively in place of current estimates of $5.73 billion and $6.57 billion.
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