Tourism is the third highest net earner of foreign exchange for the countryand also one of the sectors that employs the largest number of manpower. Indian tourism is one of the most diverse products on the global scene. India has 26 world heritage sites.
In order to further investigate and decide to invest in tourism industry of any particular industry one has to evaluate different important factors of that particular country which will impact the demand, growth projections, and investment in the tourism industry.
Macro Economic Indicators and Market Demand: For the last few years tourism in India has been growing because India is rich in history, destinations, diversity in religion, beauty, cultural heritage etc.
India has also been able to attract large number of visitors because of the advancement in medical industry as well as IT industry. Every year more than 5 million annual foreign tourist come to India. India has the highest year growth potential so according to WTCC from to India will be one of the most favorite destinations for tourists.
Travel and Tourism competitiveness report in the year India was ranked 6th and 39th in terms of price competitiveness and safety respectively IBEF, Medical and IT industry are two major industries that attracted large number of foreign visitors.
People are finding India as a good place for medical care because of good facilities and low cost along with qualified doctors. Every year almosttourist come to India for economical healthcare operations Connnell, Because of the different international events foreign tourists are expected to increase.
Large numbers of sports fans, from different parts of the world, are going to attract by Indian Premier LeagueCommon wealth Games and Formula 1.
Also with better infrastructure, better facilities, low-cost airlinesmore efficient road connectivity, and more resources are going to help Indian tourism Industry. Indonesian tourism industry is professed to an important element and constituent of the economy of Indonesia.
The Indonesian government recognizes and understands the importance of the tourism as a key and vital source of foreign exchange revenues, also the number of the international visitors increased by 3. According to the cultural and tourism minister of Indonesia, Jero Wacik, around 7 million international visitors and tourists visited Indonesia in the year and this number of international visitors' arrival is expected to increase to 7.
Jero Wacik also announced the change in the branding of Indonesian tourism industry and in the 'visit Indonesia year' will be replaced by 'wonderful Indonesia'.
Moreover, the average spending of U. Socio Cultural Conditions and Institutional Conditions: The tourism industry of India would grow in spite of the short-term problems and issues like shortages of the hotel rooms. By the end ofthis industry is estimated to grow at the rate of 9.
With increasingly use of IT services of Indian companies and more international events the tourism market is expanding currently, foreign tourists are increasing and thus in the coming years the demand of the hotels would grow. So, the hotel industry of India is expected to grow the most in the coming future.
Several players in the market has recognized the opportunity in the hospitality and tourism sector of India and to meet the increasing demand of the foreign tourist they have started opening new hotels in the country.
There are aroundhotel rooms in India currently and because of the increasing number of the tourist in the country this number is expected to grow. Because of the different international events foreign tourism is expected to increase in India.
Many foreigners are visiting India because of the outsourcing industry and booming IT industry in India and it would increase the number of foreign tourist arrivals. In India during foreign tourist arrivals grew at a rate of 9.
To upgrade and expand the infrastructure of the country in order to promote tourism the government has taken several initiatives such as upgrading of the national highways, airports, improving roads and improving the overall infrastructure.
There are some issues over shortages of rooms in India even today.
The investors have started invested in tourism industry because in the future there will be more demands of the hotels and rooms. Marriott International is one of the chief names in this regard. Roots Corporation, a subsidiary of Indian Hotels Company IHChas also announced its expansion plan in India and they are opening 60 to 70 hotels in 23 different locations of the country.
Under the Fortune brand by25 more hotels would be opened by ITC. So because of the different conventions and exhibitions the major growth projections are expected. Moreover, the government of Indonesia is projecting and promoting the country as having a unique nature and beautiful culture, generous and friendly people, different varieties of food and price competitiveness are compared to other countries.Let us write or edit the essay on your topic "Tourism Industry in India" with a personal 20% discount..
Try it now Theodore Koumelis, in his article on Indian tourism and recent statistics, suggests that the performance of the Indian tourism industry has been very encouraging and has registered an 11% increase in foreign tourist arrivals during tourism industry on various economic dimensions and parameters of Indian plombier-nemours.com India Tourism industry is an important instrument in the generation of employment, development of infrastructure, foreign exchange earnings, uplift of the rural economies particularly in remote and backward areas earnings and is included among the top export sectors.
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Thus, tourism industry is of paramount concern for India’s economy as it is a major source of foreign exchange earnings and it can help cored adverse trade balances and regional imbalances and create employment opportunities to give a direct stimulus to the socio-economic development of backward areas in our country.
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