Archive for December, 2010

December 11, 2010

Medical tourism to become USD 100 bln industry by 2012: Report

The Medical Tourism sector is growing exponentially all over the world and is set to become a USD 100 billion sector by 2012, a new report has said.

The sector is growing at a rate of 20-30 per cent annually and is bound to continue its growth pattern in the years to come.

According to Frost and Sullivan, the business research and consulting firm, the medical tourism industry is currently a USD 78.5 billion industry [end-2010], catering to over three million patients who travel around the globe for medical care.

The Middle East is one of the latent source markets of patients and it is estimated that 20 per cent of healthcare seekers worldwide are from Gulf and Arab states.

Significantly, patients from UAE alone spend about USD 2 billion in healthcare travel on an annual basis.

As a result, many countries are targeting the region to woo guests and patients to their own medical tourism destinations.

Germany, in particular, and Europe, in general, have been primary medical tourism hubs for hundreds of years and continue to lead the industry followed by Thailand, India and Malaysia.

Boasting of an excellent healthcare system, high quality, safe and quick treatment, Germany is considered to be a top destination for patients from all over the world, and particularly from the Middle East, UK and the US.

Germany is also an attractive destination for patients from the region, in terms of distance, costs and tourism attractions.

A McKinsey and Company 2008 report also emphasizes that 40 per cent of medical travelers seek advanced technology, while 32 per cent seek better healthcare.

Another 15 per cent seek faster medical services while only 9 per cent of travelers seek lower costs as their primary consideration.

December 7, 2010

India will create 58 mn more jobs by 2012: Labour Minister

Labour Minister Harish Rawat says the government is confident of creating 58 million additional jobs by the end of the 11th Five Year Plan in 2012 thanks to the smart recovery in the farm sector and its resultant impact on the rural economy.

‘Agriculture has responded very positively. With economy poised to grow at nine percent in this fiscal year, we will be able to meet the target,’ Rawat told IANS in an interview, adding his assessment was that the country now was mid-way in realising the target.

Even though agriculture was not among the sectors identified by the central government for incremental employment during the 11th Plan, Rawat said buoyancy in the sector will be beneficial as it employs two-thirds of the labour force, directly or indirectly.

India’s farm sector grew 2.5 percent in the first quarter and 4.4 percent in the second quarter of this fiscal, as opposed to a mere 1.9 percent and 0.9 percent, respectively, during two corresponding quarters last fiscal.

The gross domestic product (GDP) climbed 8.9 percent each in the first two quarters.

Rawat said the 10th Five Year Plan target of creating 50 million additional jobs fell short by three million due to a shortfall in fresh employment in sectors like manufacturing, transport, tourism and agriculture.

As per the report on the employment and unemployment survey released by the labour ministry in October, the unemployment rate in India was 9.4 percent last fiscal. In the rural areas the unemployment rate was 10.1 percent and in the urban areas 7.3 percent.

The labour minister said his ministry had also put together a working draft of a new employment policy, which aims at creating skilled manpower according to industry needs, which has also been the main demand of the private sector.

December 4, 2010


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