The industry is likely to generate economic activities of around $90.4 billion by 2014 after having registered an annual average growth of 8.8 percent setting off activities to the tune of $38.8 billion in terms of 2004, the study observed.

Personal travel and tourism accounted for nearly Rs 930 billion in 2004 and this is estimated to soar to Rs 3612.94 billion in the next decade, said the Council's study.

On the other hand, business travel and tourism by the government and the corporate sectors is likely to increase from Rs 115 billion to Rs 387.38 billion during the same period.

According to the study, India received around 3.36 million foreign tourists and overseas travel by Indians is estimated at 5.7 million in 2004. This, it added, is creating interest among investor and airlines and hotel service providers.

Besides, international arrivals in India are estimated to have spent nearly $6 billion, which is likely to grow to $10 billion in 2014, the study said.

The travel and tourism industry in India is estimated to have direct impact on the employment of around 11.4 million people and $13 billion of economic activity, which is two percent of GDP (gross domestic product).

However, the impact of the industry on the Indian economy is expected to be bigger directly and indirectly creating 24.4 million jobs and generating activities to the tune of nearly $32 billion or nearly five percent of GDP in 2014, the study said.