Tourism and Hospitality Industry in India- Growth Drivers and Government Initiatives

Abstract

The Tourism and Hospitality industry is the largest service industry globally in terms o f gross revenue and foreign exchange earnings. It is also one o f the largest employment generators in the world. The driving forces o f this industry lie in the recreational, knowledge seeking, religious and business interests o f people around the world. The human urge fo r new experience, adventure, and entertainment plays the role o f a catalyst fo r the growth o f this industry. It also has the potential to stimulate other sectors in the economy owing to the cross- synergistic benefits and its backward and forw ard linkages which make tourism and hospitality both a cause and consequence o f economic development. In the Indian context, the story is no different. Despite the fe w ebbs andflows and the political uncertainty that the whole economy is facing, this industry is poised fo r long term sustainable growth and looks to stabilize and grow further in the near future. The Indian Tourism and Hospitality industry is one o f the largest segments under the services sector o f the Indian economy and offers the most diverse products globally. The country’s rich history, cultural heritage, diversity o f religion, variety o f landscapes and medicine fascinate both, budget and luxury travelers. This paper explores the growth drivers and initiatives take