Travel and tourism is the largest service industry in India. This industry provides heritage, cultural, medical, business and sports tourism.
Hotels are also an extremely important component of the tourism industry. 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..
India's domestic market and its growth potential have been a big attraction for many global automakers. India is presently the world's third largest exporter of two-wheelers after China and Japan. According to a report by Standard Chartered Bank, India is likely to overtake Thailand in global auto-export market share by the year 2020.
The role of the Indian government, which has provided policy and infrastructural support, has been instrumental in the growth and development of the industry. The tourism policy of the government aims at speedy implementation of tourism projects, development of integrated tourism circuits, special capacity building in the hospitality sector and new marketing strategies.
The Indian tourism sector has been flourishing in recent years due to the improved connectivity to and from the country. Also, better lodging facilities at the tourist destinations has been a factor which has contributed to increase Foreign Tourist Arrivals (FTA).
With the rise in the number of global tourists and realising India’s potential, many companies have invested in the tourism and hospitality sector. Some of the recent investments in this sector are as follows:
The Indian government has realised the country’s potential to rise in the tourism industry and has taken several steps to make India a global tourism hub. Some of the recent government initiatives in the sector are as follow:
Looking at the current tourism scenario in our dynamic and ever growing country, the opportunities are growing endlessly and the scope of employment is vast.