Indian Tourism Industry
ANALYSIS OF INDIAN TOURISM INDUSTRY ON THE BASIS OF PORTER’S FIVE FORCES MODEL
Executive Summary:
In today’s business world everything is dynamic, it is very correct to say that the business conditions and business constraints are changing very fast. The indigenous changes can’t be ignored as they are the context for every industry. Every Industry is now featured by intensified competition, sophisticated customer service issues, being different-unique in the market but acceptable to all stakeholders. Industry Analysis is a strategic tool which enables business organizations to analyze, assess and understand its current position in the industry and strategize its overall business. Industry Analysis provides the well-defined process for achieving
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World Tourism Organization defines tourism as “the activities of persons identified as visitors. A visitor is someone who is making a visit to a main destination outside his/her usual environment for less than a year for any main purpose including holidays, leisure and recreation, business, health, education or other purposes. This scope is much wider than the traditional perception of tourists, which included only those travelling for leisure.” The tourism industry has an important implication on country’s balance of payments in both incoming and outgoing context. Tourism Industry has an impact over the economy of host and source country. In recent time tourism suffered a slow down due to late 2000 recession and outbreak of H1N1 Influenza virus during 2008-2009. But it has slowly recovered. The performance of Tourism Industry is the backbone for the performance of industries like Transportation Services (Airlines, Roadways, Taxicabs, and Cruise Ships etc.), Hospitality Services (Hotels, Restaurants and Resorts etc.), and Entertainment Services (Amusement Parks, Casinos, Shopping Malls, Music Venues and Theaters etc.) and so on.
Tourism in India is economically significant and growing rapidly. Contribution in India Economy by Tourism Industry is significant as it contributes 6.3% in nation’s GDP (120 Billion USD), 8.7% in total employment (38 Millions of jobs creation).
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Threat of new entrants (Moderate):
• The Government has also been making serious efforts to boost investments in tourism sector. In the hotel and tourism sector, 100 per cent FDI is allowed through the automatic route.
• A five-year tax holiday has been offered for 2, 3 and 4 star category hotels located around UNESCO World Heritage sites (except Delhi and Mumbai).
• There is low level of proprietary travel knowledge and asset specificity. This makes it relatively easier for new players to enter industry and does not provoke very aggressive rivalry from existing players.
• For start-ups to boom significant scale is necessary to negotiate profitable deals with balanced industry knowledge and stability with their business
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