Introduction: The Tourism sector of Indian economy is at present experiencing a huge growth. The Tourism sector of Indian economy has become one of the major industrial sectors under the Indian economy. The tourism industry generated INR 6.4 trillion or 6.6% of the nation’s GDP in 2012. The growth in the tourism industry is due to the rise in the arrival of more and more foreign tourists and the increase in the number of domestic tourists. Tourists from Africa, Australia, Lain America, Europe, Southeast Asia, etc are visiting India and they are growing by every year.
Political Government policies from time to time have always been encouraging for the hotel and travel industry. 100% FDI is allowed in Hotel industry. Government’s initiatives in promoting Indian tourism through various initiatives of the State Tourism development corporations have resulted in increase in inbound tourists to India at a CGAR of 7.1%. In 2015 7.8 million tourists arrived in India and the figure is expected to be 15.3 in 2025 (Exhibit 5). Five year Tax holidays and ease in External borrowing terms introduced by the respective Ministries have helped the opening of new hotels and also eased out their liquidation challenges of the initial years.
Developing and emerging economies have a huge share in this growing sector, with 45% of all international tourists arrivals coming from developing countries, this number is expected to reach 57% by 2030. For around one-third of developing countries, tourism is their principal export. It ranks as the top exporter in many emerging economies, including many LDCs. Further, this sector also offers diverse investment opportunities for innovative SMEs and micro businesses. Tourisms’ Share in Sustainable Development In the recent past, tourism has been highlighted as one of the sectors which can drive the shift towards a green economy.
The rapid growth of global cruise tourism. In the first place, with the rapid development of world economy and the rapid improvement in living standards, the residents of new marine leisure tourism - cruise tourism products demand is increasing. Human first cruise is sailing from England to Spain, Portugal then to Malaysia and China which organized by the Oriental Steam Navigation Company in 1884. The modern sense of the cruise industry began with the formation of Carnival World Cruise Shipping Company in the early 1970s. In the last 200 years, global cruise tourism market has been rapid growth which has a great potential.
Introduction India is a very big tropical nation and is surely understood for its different climatic features. India has turned into one of the world’s tourists destination with high number of guests every year. It has an dramatic development of tourism in the course of the most recent 25 years and it is a standout amongst the most remarkable economic changes. Tourism movement has durable socio-economic effects on the host economy and group. India is the 12th most appealing tourist destination in the Asia-Pacific by the report of world economic forum.
The reasons for travel too have changed over the span of time. Tourism in India is witnessing widespread growth on the back of increasing inbound tourists by the burgeoning Indian middle class, rising inflow of foreign tourists and successful government campaigns for promoting ‘Incredible India’. Infrastructure development holds the key to India‘s sustained growth in the Tourism sector. The tourism industry is primarily related to the service and people oriented; it is made up of businesses and organizations belonging to various other industries and sectors. It is the interplay among these businesses and organizations/persons which offers ―travel experience to tourists.
), 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).
According to a survey done in 2005, “Foreign direct investment inflow into the UAE achieved a record US$ 10 billion amounting to nearly 34 percent of the total foreign capital flow into the Arab world” (United Arab Emirates 2007, 2007, p.76). Furthermore, foreign investments are a big reason for U.A.E. to increase its capital stock. This increase has aided the country in having more equipment and structures to produce numerous goods and services. Not only foreign investments but also domestic investments have boosted to a new level.
A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector are going to be the key growth drivers of the retail sector in India. India’s retail market has experienced enormous growth over the past decade. The most significant period of growth for the sector was between year 2000 & 2006, when the sector revenues increased by about 93.5% translating to an average annual growth of 13.3%. The sectors growth was partly a reflection of the impressive Indian economic growth and over all rises in income level of consumers. Retailing is one of the pillars of the economy in India.
GLOBAL TOURISM AND HOSPITALITY INDUSTRY Tourism and Hospitality is one of the world’s fastest growing industries and the main source of foreign exchange earnings. It’s an important part of the most developing country’s economy. The global hospitality and tourism is including lodging, attractive places, cultural activities, travel and tour, food and beverage. And it is always the best industry to earn a biggest income for the investors. It has been creating 212 million jobs.