Tourism Hospitality and Travel Trade
Tourism and Hospitality Industry is one of the biggest foreign exchange earner in India, During January-April 2018 Foreign Exchange Earnings from tourism increased
India is the land of rich cultural diversity. We have everything in our country. We have a rich tradition and we have modern values too. Entire planet especially the west is a big fan of India as far as tourism is concerned. The variety which India offers in travel and hospitality segment is globally unmatched. We have everything that a globetrotter can wish for.
Travel and Tourism as a Business
Domestic Tourist Visits (DTVs) to the States/Union Territories (UTs) grew by 15.5 percent y-o-y to 1.65 billion (provisional) during 2016 with the top 10 States/UTs contributing about 84.2 percent to the total number of DTVs, as per Ministry of Tourism.
The number of Foreign Tourist Arrivals (FTAs) increased 10.8 percent year-on-year to 3.88 million.
The travel & tourism sector in India accounted for 8 percent of the total employment opportunities generated in the country in 2017, providing employment to around 41.6 million people during the same year. The number is expected to rise by 2 percent annum to 52.3 million jobs by 2028.
International hotel chains are increasing their presence in the country, as it will account for around 47 percent share in the Tourism & Hospitality sector of India by 2020 & 50 percent by 2022.
The tourism and hospitality sector is among the top 10 sectors in India to attract the highest Foreign Direct Investment (FDI). During the period April 2000-December 2017, the hotel and tourism sector attracted around US$ 10.90 billion of FDI, according to the data released by Department of Industrial Policy and Promotion (DIPP).
Initiatives and Efforts
Apart from active participation from the private players and the technology moguls the government of India has also realized the potential of the sector. GOI is actively floating policies both at the center as well as state levels to boost the tourism industry.
Some of the major initiatives planned by the Government of India to give a boost to the tourism and hospitality sector of India are as follows:
The Government of India is working to achieve one percent share in world’s international tourist arrivals by 2020 and two percent share by 2025.
Under Budget 2018-19, the government has allotted Rs. 1,250 crore (US$ 183.89 million) for Integrated development of tourist circuits under Swadesh Darshan and Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD).
The future of this sector is glorious and it has immense growth potential, however, the industry, as well as the government, needs to work on developing skills that would meet the global demands of this industry.
Data Source: GOI, IBEF