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The recent trade agreement between the United States and India serves as a significant catalyst for this growth, creating a ripple effect that benefits neighbouring economies. Hishan Singhawansa, CEO of Cinnamon Hotels & Resorts, told ANI that the expansion of the Indian economy directly correlates with the prosperity of Sri Lanka.
"If India grows, Sri Lanka grows with it, and that's the opportunity we want to kind of take advantage of," he said. He described India as a giant neighbour and the fastest-growing economy in the world, noting that its projected GDP growth positions it as a central player in the global market. Singhawansa emphasised that Sri Lanka aims to take advantage of the opportunities arising from India's ascent. He noted that while Sri Lanka remains a small country in comparison, the scale of the Indian market is huge even amidst complex global geopolitics. "India is the largest, fastest-growing economy in the world. I think this year's GDP growth is close to 7.2%. India is growing. And even with all the geopolitics around, the Indian market is huge. So we definitely understand the important role that India has to play in the area. And our position, it will positively impact us." He explained that the current tourism figures for Sri Lanka, which stand at approximately 2 million tourists, remain small compared to global destinations, but the low base allows for consistent year-on-year growth. The medium-term outlook for the region remains optimistic as the Indian middle class continues to expand. Singhawansa pointed out that tourism is intrinsically linked to this demographic shift, as higher disposable incomes lead to increased travel. He projected that the current 20 million outbound travellers from India will likely rise to 50 million within the next five to six years. "We call this decade 'India's decade', from a growth point of view, and definitely we will benefit from it," Singhawansa added. (ANI)
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