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Growth prospects and concerns of hospitality industry

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Growth prospects and concerns of hospitality industry

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Growth prospects and concerns of hospitality industry

  1. 1. ECONOMICS ASSIGNMENT BY Tanvi CHOrdiya(7125) Vinal surana(7138) Bhawana oswal(7122) Nikita oswal (7119)
  2. 2. Growth prospects and concerns of hospitality industry in India
  3. 3. Meaning of hospitality The friendly and generous reception and entertainment of guests, visitors, or strangers.
  4. 4. HOSPITALITY INDUSTRY INCLUDES..??? • IT INCLUDES LODGING,EVENT PLANNING,THEME PARKS,TRANSPORTATION,CRUISE LINE AND ADDITIONAL FIELDS WITHIN THE TOURISM INDUSTRY.
  5. 5. GROWTH PROSPECTS • Tourism sector contributed 9 percent of global GDP in 2012 and generated over 260 million jobs. • International tourist arrivals worldwide growing from 4.1 per cent in 2012 to 5.0 per cent in 2013 as per the United Nations World Tourism Organization. • Tourism sector in India contributed around 6.6 per cent of India’s GDP in 2012.
  6. 6. GROWTH PROSPECTS • TOURISM SECTOR ALSO CONTRIBUTED 7.7% OF TOTAL EMPLOYMENT. • The sector is projected to grow at an annual average rate of 7.9 per cent from 2013 to 2023. • India’s share in world inbound tourist arrivals increased from 0.4 per cent in 1997 to 0.63 per cent in 2013. • The size of domestic tourism has also already crossed an estimated 1.1 billion annual travel visits
  7. 7. POLICIES & INITIATIVES Tourism policy. • Liberalization in aviation sector. • Rationalization in tax rates in the hospitality sector. • Tourist friendly visa regime. • Immigration services Governments open skies policy. Foreign Trade policy. FDI in HOTEL & TOURISM INDUSTRY. Incredible India-Atithie devo bhava.
  8. 8. POTENTIAL OF TOURISM SECTOR REMAINED UNTAPPED IN INDIA • A World Economic Forum 2013 study of tourism competitiveness, rated India at a low of 65 among 140 countries. • India was ranked 21 on tourism natural resources. • It was ranked 67 on ease of business environment. • On its regulatory framework for tourism and travel, India was ranked 110.
  9. 9. CHALLENGES IN HOSPITALITY INDUSTRY • SHORTAGE OF SKILLED EMPLOYEES • RETAINING QUALITY WORKFORCE. • SHORTAGE OF ROOMS. • INTENSE COMPETITION AND IMAGE OF INDIA. • CUSTOMER EXPECTATIONS. • LACK OF PROPER INFRASTRUCTURE • .
  10. 10. CHALLENGES IN HOSPITALITY INDUSTRY • SERVICE LEVELS • Lack of adequate marketing and promotion • Taxation • Security • Regulatory issues • MAN RESOURCE DEVELOPMENT
  11. 11. ISSUES • India’s share in world tourism expenditure is relatively higher at 1.65 per cent (rank 16). • Singapore, a small country, attracted 11.10 million tourists in 2012, while a large country like India attracted only 6.97 million foreign tourists during 2013.
  12. 12. Suggested measures • Creating world class tourism infrastructure even by PPP. • Skill and etiquettes training to cater to the needs of tourists. • Special focus on cleanliness at tourist sites and safety of tourists. • Using the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for creating permanent assets like tourism infrastructure and facilities.
  13. 13. • Organizing mini India cultural shows on a daily basis. • Implementing urgently visa on arrival and E visa facilities at 9 airports to 180 countries barring 8 ‘prior reference’ countries
  14. 14. SWOT ANALYSIS: STRENGTHS • Faster GDP growth • Industrialization. • Natural heritage • India as a global player WEAKNESS • Connectivity • Lack of publicity. • Hectic rules • Influence of politicians • Marketing gap.
  15. 15. SWOT ANALYSIS OPPORTUNITIES • Health tourism. • Strong in cultural and nature aspects. • Commercialization of sports and games • . FDI policy. THREATS • Poor domestic tourism infra structure • Political conditions • Terrorism • Increase in pollution • Entry of new competitors
  16. 16. FUTURE PROSPECTS OF TOURISM INDUSTRY FROM2010-2019 • Demand for travel and tourism-8.2%. • Expected to b 2nd largest employer. • Capital investment expected to grow- 8.8% • Get capital investment worth US$ 94.5 billion • Expected to become 5th fastest growing business travel destination with an estimated real growth rate of 7.6 per cent.

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