Monday, February 26, 2024

Maldives faces loss of more than Rs 400 crore, India has to face heavy losses

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Maldives ministers had commented on PM Modi’s visit to Lakshadweep. After that Indian tourists started boycotting Maldives. Indian tourists provide a booster dose to the economy of Maldives, but now the economy of Maldives is paying the price for the impact of this announcement. A large part of the total income of the Maldives government comes from tourist expenses. The largest number of tourists reaching Maldives are Indians. According to a report, Maldives has suffered a loss of around Rs 400 crore.

Loss of around Rs 400 crore

There are 180 hotels in Maldives, for which India is the main market. Soneva’s CEO says he doubts whether the number of Indian tourists visiting Maldives will reach pre-controversy levels in the coming months. According to him, till now Maldives will suffer a loss of 25-50 million dollars i.e. about Rs 400 crore or more. He says that this will have an impact on hoteliers who put a lot of effort into creating great experiences for the guests and more importantly, the employees of these hotels. Let us tell you that Soneva Fushi was one of the first luxury hotels to open in Maldives in 1995, and the Soneva brand receives more than 50% of its revenue from guests, which also includes Indians.

Most Indian tourists reach Maldives

According to data released by the Maldives Tourism Ministry, India remains the largest tourist market for the country in 2023. The highest number of tourists to Maldives was from India with 209,198 arrivals, followed by Russia with 209,146 arrivals. China is in third place with 187,118 arrivals. In 2022, India will top the Maldives tourism market with 240,000 arrivals. Russia came in second place with 198,000 tourists and Britain came in third with more than 177,000 tourists. The Maldives is dependent on tourism as the largest sector of its economy, providing over 28% of GDP and 60% of foreign exchange.

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