India’s travel and hospitality industry is headed for its worst crisis with an at least Rs 8,500 crore hit in revenues due to suspension of most visas over fears of spread of coronavirus that would result in lower footfalls and drop in business for tour operators, hotels and aviation industry.
Hotels and tour operators have seen a spurt in cancellations particularly after the WHO declared the outbreak a pandemic. Tourists cancelled travel, hitting hotels, airlines and tax collections after the government suspended most visas in a bid to halt the spread of coronavirus.
At least 40 percent of rooms across big chains of hotels are going empty while banquet bookings have been cancelled, industry officials and associations said.
Tour operators estimate January-March quarter earnings could fall by more than 60 percent.
