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The Indian tourism and hospitality industry has materialized as one of the key drivers of growth among the services sectors in India. It contributes to 6.23 percent to the National GDP and 8.78 percent of the total employment in the country. Functional growth and improving standards have gained the hospitality industry of India approval all over the world.
Tourism in India has generated immense employment opportunities and is a vital source of foreign exchange for the country. The travel and tourism industry contributed Rs. 2.17 trillion (US$ 36 billion) or 2 per cent to the country's gross domestic product (GDP) in 2013. The figures are expected to rise to Rs. 4.35 trillion (US$ 72.17 billion) by 2024.
The Indian hospitality sector has been growing at a cumulative annual growth rate of 14 per cent every year adding significant amount of foreign exchange to the economy.
Factors Responsible for Growth
•Rising income in households
•Increase in niche tourism such as eco-tourism, luxury tourism and medical tourism
•Tourism and hospitality sector attracted second highest FDI i.e. US $3.2 billion in the year 2013
•100 percent FDI allowed through automatic route in hotel and tourism sector
•Diversity of the country attracts an ever increasing number of tourists every year
•Government initiatives in improvement of infrastructure like airports, highways, ports and railways
•India is a labour intensive country
•India has been ranked as the fourth most preferred travel destination by Lonely Planet selecting the country among the top five destinations from 167 countries.
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