The country of India, recently experienced a huge revolution in the economic history of the country, with the demonetization of notes of higher denominations like INR 500 and INR 1000. This has resulted into a huge rut and discomfort for a lot of citizens all over the country. This has affected all the sectors of the country and of course this list includes the travel industry. India being a diverse country, is full of beautiful landscapes as well as the home to one of the eight wonders of the world, The Taj Mahal. In the past couple of years, this travel field has been contributing about 6% of the entire GDP of the country. But with the current demonetization there are definitely going to be some ripples of discomfort, not only for the travelers but also for those involved in the industry.
While the winter season is generally looked at as the traveling season of the year, where a lot of people travel abroad or within India. There are a lot of experts who claim that this season would be highly discomforting for those who would want to travel to India. Since the announcement there have been a number of reschedules and cancellations in terms of the various travel bookings. The domestic travel industry is likely to suffer a lot more, mainly due to the fact that, the money crunch would make things very difficult for the citizens and would at least take about a few months to settle and get sorted.
Thus there has been about a 10-15% dip in the booking rates for travel. While on the other hand, there has been a great surge in the cashless industry, as many people, on the domestic front have begun to use online banking, credit or debit cards as means to book their hotels, trips and go visit exotic locales. But there are likely chances of the international travel being affected heavily, because a lot of people would be hesitant to spend the any liquid cash, while there exists this untimely situation. Hence its safe to travel to places that are close by and save up your money for future travel expenses.