Abstract

Medical value tourism is the practice of seeking medical care abroad, frequently because certain procedures are more affordable or readily available there. India has grown to be a well-liked location for medical value tourism since it is known for offering superior healthcare services at comparatively lower costs than other developed nations. India also boasts a sophisticated healthcare system, complete with multiple highly qualified medical personnel, state-of-the-art hospitals, and state-of-the-art equipment. The Union Budget 2023 is slated to put the tourism industry in “mission mode,” as it is one of the major sources of revenue and has a multiplier effect on several other sectors. The economic potential, benefits, and cost-savings associated with high-quality healthcare and the expanding medical tourism industry in India are all examined in this paper. India has been trying to attract more foreign direct investment in an attempt to foster economic growth and job creation in recent years. The healthcare industry, which includes medical value tourism, has been identified as one of the primary areas for foreign investment in India. According to the current study, the tourism industry generated revenue up until the pandemic, with the highest amount recorded in 2018 being 20.342 trillion. Revenue fell to 15.731 trillion due to the pandemic and then to 10.024 trillion by 2020; the combined average growth rate was -1% from 2015 to 2019. With an expected 15.9 trillion in 2022 and an average growth rate of 39% in 2020–2021, the sector is gradually recovering.

Keywords: Tourism, Medical value tourism, Economic impact, revenue & Foreign Exchange Earnings, employment