The Tourism and Hospitality industry is one of the largest service industries in India. With India’s concept of ‘Atithi Devo Bhava’, the hospitality industry is expected to be the best. Indeed with this reputation, we are setting examples with our Hospitality Services on a global level. The world class service standards have been imbibed in us from our cultural backgrounds and with the kind of growth and investments Hospitality industry is looking at as a part of globalization, India is not far from becoming an example of service standards. It directly attracts tourism which is very essential in order to let the world know our identity and our culture. It is a great contributor in the economy and development of any nation.
Tourism is an integral pillar of the Make in India program. Tourism plays a role of significant economic multiplier and becomes critical since India has to grow at rapid rates and create jobs.
India offers geographical diversity, world heritage sites and niche tourism products like cruises, adventure, medical, eco-tourism, etc. Incredible India has spurred growth in Tourists Arrivals and Employment.
India’s ranking in the Travel and Tourism Competitive Index (TTCI) of World Economic Forum moved from 52nd position in 2015 to 40th position in 2017. Now India has moved up by another 6 positions and ranked at 34th position in 2019.
Tourism tends to encourage the development of multiple-use infrastructure including hotels, resorts & restaurants, transport infrastructure (aviation, roads, shipping & railways) and healthcare facilities.
- By 2028, Tourism & Hospitality is forecasted to earn $50.9 bn as visitor exports compared to $28.9 bn earned in 2018.
- By 2029, Travel & Tourism will account for nearly 53 million jobs as compared to the 43 million jobs directly in 2018 (8.1% of total employment).
- By 2030, India is expected to be among the top five business travel market.
- Travel and Tourism being the largest service industry in India was worth $234 bn in 2018. The industry has become the third-largest Foreign Exchange Earner in India with a 17.9% growth in Foreign Exchange Earnings (in rupee terms) in March 2018 over March 2017.
- According to The World Travel and Tourism Council (WTTC), tourism generated $240 bn or 9.2% of India’s GDP in 2018 and supported 42.67 mn jobs which is 8.1% of its total employment.
- The sector is predicted to grow at an annual rate of 6.9% to $460 bn by 2028 which is 9.9% of GDP.