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There has been a lot of growth in the hospitality and the Hotel Industry In India recently. When compared with the previous decade, the industry didn’t have enough exposure, growth and this had a lot to do with the tourism infrastructure that wasn’t all that good. Now, however, there has been lots of movement and it even creates a plethora of new jobs each year.
Even though the hotel and tourism sector are worlds apart, they can’t be seen separately as hotels can only function when there is enough footfall in the tourism, travel sector. In India, it has also materialized as one of the key drivers of growth. During the CY 2017, over 10.04 Mn foreign tourists visited India, and after that, the industry registered a year on year growth of 7.5%. This rate also took into account the international corporate travelers and domestic travelers moving outstate. This was fostered by the Indian government, which had permitted 100% foreign direct investment (FDI) in tourism. These incoming investments went mainly into the construction projects, development of hotels, resorts, and recreational facilities. And today, this industry is one of the key contributors in the Indian economy, contributes immensely to the National GDP and provides employment to millions. You can look at it in two ways. In tourism, there are many reasons why someone would embark on a journey. And based on those needs, you have tourism for adventure, studies, medical and healthcare, ecotourism, rural, pilgrimages, wildlife and heritage In hotels, there are several kinds of temporary lodging offerings based on the kind of budgets that each of these tourists are prepared to pay for. So, tourists can choose from among resort hotels, business hotels, extended apartment hotels, timeshare hotels, convention centers, homestays and luxury hotels. Based on regular assessments by the Economic Survey of India and research on our side, India’s hotel industry is expected to reach a value of INR 1,210.87 Bn by the end of 2023, with a majority of their share coming from the unorganized sector and the rest from the organized sector. Related Story: How profitable is the Hotel Industry In India Can the Hotel Industry In India deal with present issues Good times ahead for the Hotel Industry in India!
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