new delhi indias tours and travel industry could see revenue increase this fiscal to over 70 of the prepandemic level riding on pentup demand and increasing confidence of people to travel as the pandemic risks wane said a crisil rating study of the countrys three biggest players that account for over half of the domestic tours and travel industrywhile full recovery to prepandemic level is expected only by fiscal 2024 continuing recovery with improved operating profitability supported by costcontrol measures and healthy liquidity is expected to support the industry corporate travel should also rebound to 70 as corporates increasingly resume work from office however segments such as outbound and inbound travel should see a more gradual recovery as restrictions in other countries ease gradually said naveen vaidyanathan director crisil ratingsthe industry which provides services such as airbus ticketing and hotelspackages for both leisure and corporate travel within india and abroad has taken the severest beating from covid19post the initial shock of the pandemic in the first half of fiscal 2021 which brought the entire industry to a standstill tours and travel operators witnessed gradual recovery in the second half with improving air traffic and demand for short domestic holidaysin the first quarter of fiscal 2022 however the severe second wave of the pandemic slammed the brakes on recovery that too in the peak travel season of summer tamping revenue down to less than 20 of the prepandemic levelthe third quarter of fiscal 2022 saw the industry make healthy recovery as the second wave abated taking revenue up to 60 of the prepandemic level on the back of high pentup demand air traffic reached around 70 of prepandemic levels during the third quarter led by domestic trafficthe third wave during the last quarter of fiscal 2022 was only a blip in the road to recovery given its lower severity shorter and limited lockdowns by governments and improved vaccination rates with this the industry appears to be firmly on the recovery path with revenue estimated at over 40 of the prepandemic level last fiscal more than 70 in the current one and full recovery likely in fiscal 2024 from the lows of 20 in fiscal 2021