Growth & analysis of tourism and hospitality industry in India

There is immense growth in Indian tourism and the hospitality industry due to the rich historical and cultural places of interest, a variety of flora and fauna, natural beauty and 5-star hotels in India. The tourism and the hospitality industry generates a lot of employment opportunities and plays a major role in contributing to foreign exchange.

Number of Indians are using digital technology to plan and book journeys. This is due to the rise in the middle class and increasing pay packages of the individual. India achieved a growth rate of 6.20 percent year-on-year in the tourism and the hospitality sector as there was an increase in the number of foreign tourists into the country.

8 percent of the total employment opportunities in 2017 was generated due to this sector and around 41.6 million people found jobs in the tourism and the hospitality industry. There is a growing presence of international hotel chains and 5-star resorts in India accounting for 47 percent share in the Tourism & Hospitality industry by 2020.

The Government of India has taken a lot of steps to boost tourism in India and some of the schemes such as ‘Incredible India!’ and ‘Atithi Devo Bhava’ have really shown results. The ‘Incredible India Mobile App’ was launched in September 2018 so as to help the tourists in their traveling experiences in India. In order to put India in the world map, the government inaugurated the world’s tallest statue, the statue of Sardar Vallabhbhai Patel, also known as ‘Statue of Unity’, which has a height of 182 meters. Moreover, the government has taken the initiative to develop tourist circuits under the Swadesh Darshan scheme.

By 2028, the total contribution by travel and tourism sector to India’s GDP is expected to reach to Rs. 32.05 trillion. In 2017, India was ranked 7th in terms of travel & tourism’s total contribution to GDP. The third largest foreign exchange earner for India happens to be the travel and tourism industry. FEEs from tourism increased to US$ 23.54 billion during the months of January to October 2018. By 2028, it is expected that 5.5 percent of the revenue share will be generated due to leisure spending and 94.6 percent due to business spending.

All in all, There is huge growth potential in the Indian travel and tourism sector. India is geared to offer niche products in this industry. There is a cruise, wellness, sports, eco-tourism, MICE, adventure, medical, luxury hotels, beaches, nightlife and Beach resorts in India for the traveler who wants to explore India in-depth. 

As mentioned earlier, there is an increasing number of international hotel chains that is generating a lot of revenue. Such hotels maintain world-class standards and attract a lot of tourists. An example of such a hotel is the Zuri Hotels & Resorts. For more information about Zuri, kindly click the link to go through their website. https://www.thezurihotels.com

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Created on Jan 9th 2019 03:07. Viewed 457 times.

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