India’s tourism and hospitality industry are one of the huge industries in the world. India is placed seventh in the tourism economy of the world. India’s tourism industry delivers a massive range of tourism products like cruises, adventure, medical, wellness, sports, MICE, eco-tourism, film, rural and religious tourism. Tourism has established the role of economic multiplier and is very vital in India’s rapid growth and employment generation.
The hospitality industry in India has been witnessing a moderate growth number for the past few years and has great potential to score even higher numbers in the future. This country which is rich in culture and diversity is attracting a large number of tourists from all over the world. India also holds a special position as a destination for spiritual tourism for international and domestic tourists
On the other hand, the ever-increasing middle class, rising level of their disposable income, rising interest among millennials to travel in their country are some of the major reasons making the domestic travel industry profitable. To attract Millennials ventures like Airbnb, Oyo Rooms has transformed hospitality landscapes globally and is price-sensitive in most prime locations with flexible check-in and check-out options to attract a growing number of travelers accommodation is offered.
Due to the COVID-19 pandemic, India’s hotel sector is one of the most affected sectors of the economy, contracting 47% in April-June 2020, according to data released by the National Statistical Office (NSO) on August 31, 2020. The hotel industry experienced a decline of 77% in May 2020 as compared to the same period last year. The domestic hospitality industry, which has been badly hit by the disruptions related to COVID-19, is likely to see a decline of over 65% in 2021.
Sectors Of The Hospitality Industry:
- Food & Beverage
- Travel & Transportation
Importance of Tourism and Hospitality Industry:
Tourism has projected a new series of waves on the world horizon, making the entire world a truly global village. Tourism is one of the largest and fastest-growing sectors in the global economy and has significant environmental, cultural, social, and economic impacts, both positive and negative. Tourism is a combination of attractions, transportation, accommodation, amenities, restaurants, shopping, and entertainment.
- Promotion of Foreign Trade:
India has seen exponential growth in recent years due to tourism. The impact of tourism on national economies is becoming increasingly important today due to the increasing size of the tourism market.
- Cultural Integration:
Cultural tourism is one of the largest and fastest-growing global tourism markets, India is considered a land of ancient history, heritage, and culture. Tourism leads to cultural integration between countries and leads to global peace. Tourism not only promotes brotherhood and fosters friendship but also preserves values and preserves culture.
- Global Recognition:
Tourism makes an effect on the entire human society and the environment, either directly or indirectly. The World Tourism Organization plays an important role in promoting tourism. It provides subsidies, financial assistance, and incentives to promote tourism.
- Increase In The Number of Tourists:
The number of foreign tourists has increased due to providing excellent services. The better hospitality provided attracts the attention of tourists and consequently increases the number of arrivals.
The government should take the necessary steps to promote tourism in the country. Indian Railway Catering and Tourism Corporation Limited (IRCTC), a Public Sector Enterprise under the Government of India – Ministry of Railways to provide complete travel and tourism solutions for various tourism sectors.
The Tourism Finance Corporation (TFCI) provides financial assistance to enterprises for the development of tourism-related activities, facilities, and services, including hotels, restaurants, holiday resorts, amusement parks and recreation, education and sports complexes, safari parks, rope-cultural centers, convention hall, all kinds of the transportation industry, etc.
– Amrin Ahmed