Financial and Economical Perspective of Hospitality Industry in Economic Development

Indian economic system has witnessed tremendous changes in various sectors. Few became more successful where as few became rare developed. Various sectors have played a significant role in the development of economic development of India and so in the recent years, hotel and tourism industries are also giving valuable contribution in the development of economy and bringing financial changes in terms of huge revenue in the same.

Tourism is one of the third largest revenue generators of foreign exchange for India and also employs one of the highest numbers of manpower. Tourism as a sector also provide FOREX for India and so it is the largest revenue generator for overseas exchange of money supply. Conde Nast Traveler, one of the most decorated travel magazines, rated India as one of the hottest destination in the world. An outcome of World Tourism Organization concludes that by 2020, Indian will lead the tourism industry in South Asia with 8.9 million arrivals. India is gradually emerging as the second most rapidly increasing (8.8 percent) tourism economy in the world over 2005-14 according to the World Travel & Tourism.