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Hospitality Industry In India

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The hospitality industry in India is one of the largest industries in the service sector. It is steadily growing at a CAGR of 10%. The industry has been a major employment generator and a substantial source of foreign exchange.
Introduction
The growth in the service sector in India is increasing at a tremendous rate (DATA) and with increase in global footprint, the tourism sector is also contributing significantly to the GDP and increasing the FOREX of the country (DATA). Venues of several scale and variety have been in demand for several uses like hosting corporate meetings, lunches and dinners, product and IPO launches, board meetings and annual meetings.
India is a home of several religions and there are several sub sects in each religion …show more content…

It includes pre-wedding, wedding and post-wedding rituals. Hence, people approach banquet halls, caterers, florists, musicians and other artists to host a hassle free celebration.
• Hospitality, a major segment of tourism, has grown by 10-15 per cent on the back of better consumer sentiment with the change of Government. As demand is going up occupancies are improving.
Investments
The tourism and hospitality sector is among the top 15 sectors in India to attract the highest foreign direct investment (FDI). During the period April 2000-February 2015, this sector attracted around US$ 7,862.08 million of FDI, according to the data released by Department of Industrial Policy and Promotion (DIPP).
With the rise in the number of global tourists and realizing India’s potential, many companies have invested in the tourism and hospitality sector. Some of the recent investments in this sector are as follows:
• US-based Vantage Hospitality Group has signed a franchise agreement with India-based Miraya Hotel Management to establish its mid-market brands in the …show more content…

The company has acquired a heritage building called St Olave 's near Tower Bridge in central London, which is now undergoing restoration to be converted into a five star hotel
• Thai firm Onyx Hospitality and Kingsbridge India hotel asset management firm have set up a joint venture (JV) to open seven hotels in the country by 2018 for which the JV will raise US$ 100 million
• In Carlson Rezidor Hotel of Guwahati, Dharmpal Satyapal has invested close to Rs 300 crore (US$ 47.51 million) in the hotel for which they will get Rs 30 crore (US$ 4.75 million) annually
• ITC is planning to invest about Rs 9,000 crore (US$ 1.42 billion) in the next three to four years to expand its hotel portfolio to 150 hotels. ITC will launch five other hotels - in Mahabalipuram, Kolkata, Ahmedabad, Hyderabad and Colombo - by 2018
• Goldman Sachs, New-York based multinational investment banking fund, has invested Rs 255 crore (US$ 40.37 million) in Vatika Hotels
Government Initiatives
The Indian government has realized the country’s potential in the tourism industry and has taken several steps to make India a global tourism hub. Some of the major initiatives taken by the Government of India to give a boost to the tourism and hospitality sector of India are as

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