India’s tourism industry hit by a wave of violence

Managers in luxury hotels and guest houses near the Taj Mahal said last-minute cancellations during the festive season have dampened business sentiment. (Reuters/File)
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Updated 30 December 2019
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India’s tourism industry hit by a wave of violence

  • At least seven countries issue travel warnings; last minute cancellations hurt hospitality sector

MUMBAI: India’s tourism industry has been hit by a wave of violent anti-government protests against a new citizenship law that have rocked several cities this month, with at least seven countries issuing travel warnings. Officials estimate about 200,000 domestic and international tourists canceled or postponed their trip to the Taj Mahal in the past two weeks, one of the world’s most popular tourist attractions.
“There has been a 60 percent decline in visitor footfalls in December this year,” said Dinesh Kumar, a police inspector overseeing a special tourist police station near the Taj Mahal who has access to visitor data. He said the decline was compared to December last year.
“Indian and foreign tourists have been calling our control rooms to check security. We assure them protection, but many still decide to stay away,” said Kumar.
A group of European tourists traveling in a group across India said they now planned to cut short their 20-day trip.
“We are all retired folks, for us travel has to be slow and relaxing. The newspaper headlines have led to a sense of concern and we will leave sooner than we had planned,” said Dave Millikin, a retired banker living on the outskirts of London.
The Taj Mahal, situated in the town of Agra, attracts over 6.5 million tourists every year, generating nearly $14 million annually from entrance fees. A foreign tourist pays 1,100 rupees (about $15) to enter the grounds, although nationals from neighboring countries get a discount.
Managers in luxury hotels and guest houses around the Taj Mahal said last-minute cancellations during the festive season have further dampened business sentiment at a time when the country’s economic growth has slowed to 4.5 percent, its slowest pace in more than 6 years.

FASTFACTS

• Officials estimate about 200,000 domestic and international tourists canceled or postponed their trip to the Taj Mahal in the past two weeks, one of the world’s most popular tourist attractions.

• The Taj Mahal, situated in the town of Agra, attracts over 6.5 million tourists every year, generating nearly $14 million annually from entrance fees. A foreign tourist pays about $15 to enter the grounds, although nationals from neighboring countries get a discount.

In a bid to clamp down on violence and unrest, authorities have suspended mobile internet services in Agra.
“Blocking the internet has affected travel and tourism in Agra by about 50-60 percent,” said Sandeep Arora, president of the Agra Tourism Development Foundation that groups over 250 tour operators, hotels and guides.
The US, Britain, Russia, Israel, Singapore, Canada and Taiwan have issued travel adviseries asking their citizens to either refrain from visiting or to exercise caution when visiting regions embroiled in India’s protests.
Jayanta Malla Baruah, the head of the Assam Tourism Development Corp., said the state, home to the world’s largest concentration of one-horned rhinoceros, is visited on average by 500,000 tourists during December. “But this time, due to the ongoing protests and travel adviseries by various countries, the number is down by 90 percent if not more.”


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 22 February 2026
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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.