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    The Importance of The Hospitality Industry

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    AnjnaKandari
    The hospitality industry is one of the largest and most important industries worldwide. It provides essential services to tourists such as accommodation, food, and information. Many countries rely heavily on the revenue generated from tourism, with some getting as much as 90% of their GDP from tourism-related activities. The industry also creates substantial job opportunities. In India specifically, the hospitality industry has grown at 14% annually and contributes significantly to the country's foreign exchange and GDP. The government has undertaken various initiatives to promote tourism and make the country an attractive destination.

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    The Importance of The Hospitality Industry

    Uploaded by

    AnjnaKandari
    3K views6 pages
    The hospitality industry is one of the largest and most important industries worldwide. It provides essential services to tourists such as accommodation, food, and information. Many countries rely heavily on the revenue generated from tourism, with some getting as much as 90% of their GDP from tourism-related activities. The industry also creates substantial job opportunities. In India specifically, the hospitality industry has grown at 14% annually and contributes significantly to the country's foreign exchange and GDP. The government has undertaken various initiatives to promote tourism and make the country an attractive destination.

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    Hospitality

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    The Importance of the Hospitality Industry

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    The hospitality industry is one of the largest and most important industries worldwide. It provides essential services to tourists such as accommodation, food, and information. Many countries rely heavily on the revenue generated from tourism, with some getting as much as 90% of their GDP from tourism-related activities. The industry also creates substantial job opportunities. In India specifically, the hospitality industry has grown at 14% annually and contributes significantly to the country's foreign exchange and GDP. The government has undertaken various initiatives to promote tourism and make the country an attractive destination.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3K views6 pages

    The Importance of The Hospitality Industry

    Uploaded by

    AnjnaKandari
    The hospitality industry is one of the largest and most important industries worldwide. It provides essential services to tourists such as accommodation, food, and information. Many countries rely heavily on the revenue generated from tourism, with some getting as much as 90% of their GDP from tourism-related activities. The industry also creates substantial job opportunities. In India specifically, the hospitality industry has grown at 14% annually and contributes significantly to the country's foreign exchange and GDP. The government has undertaken various initiatives to promote tourism and make the country an attractive destination.

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    © All Rights Reserved
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    of 6

    The Importance of the Hospitality Industry

    The hospitality industry is one of the biggest in the world, rivaling even fuel and
    rice production companies. Every year, hotel schools in South Africa take in
    greater numbers of students, showing that the industry is continuing its growing
    streak. Almost every country in the world has a hospitality industry, including both
    developed and developing ones. Why is this so? Why are hospitality industries so
    popular?

    The short answer is that they are vitally important to any countrys economy we
    have put together a list of why this is so:


    Any destination that could serve as a tourist attraction needs to have a
    hospitality industry. Tourists need food and accommodation, so restaurants,
    guesthouses and hotels are a necessity to make their stay enjoyable.



    Information centres run by various governments tourism industries are
    essential in making any tourists experience a happy one. Providing visitors
    with enough information on the people and sites inhabiting the place they are
    visiting, as well as directing them towards a specific place they may be looking
    for and answering any questions they may have is absolutely essential .
    Without centres such as these, tourists would get lost often and countries
    would lose business fast.






    The amount of revenue generated from tourism and hospitality every year is
    significant. Hardly any country would be able to survive financially without
    input from the tourism industry, with some places reaping up to 90% of their
    GDP from tourism (which, naturally, cannot function without the hospitality
    industry).


    The level of job creation that comes with a successful hospitality industry is
    substantial. Concierges, chefs, hotel management staff and waitresses all need to
    be hired in order to ensure that every guest or patron is taken care of. Thousands of
    jobs are created annually as a direct result of the hospitality industry.
    The hospitality industry is undoubtedly one of the biggest in the world. It is an
    extremely exciting environment to be part of as the only constant in this industry is
    change. It is because of the dynamic nature of the hospitality industry that it has
    become so important worldwide




    INTRODUCTION TO HOSPITALITY
    INDUSTRY

    Introduction

    The tourism and hospitality industry is one of the largest segments under the
    services sector of the Indian economy. Tourism in India is a key growth driver and
    a significant source of foreign exchange earnings. In India, the sector's direct
    contribution to gross domestic product (GDP) is expected to grow at 7.8 per cent
    per annum during the period 2013-2023.
    The tourism sector in India is flourishing due to an increase in foreign tourist
    arrivals (FTA) and a larger number of Indians travelling to domestic destinations.
    According to statistics available with the World Travel and Tourism Council
    (WTTC), revenues gained from domestic tourism rose by 5.1 per cent in 2013 and
    is expected to increase by 8.2 per cent this year. 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.
    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.

    Market size
    The total market size of the tourism and hospitality industry in India stood at US$
    117.7 billion in 2011 and is anticipated to touch US$ 418.9 billion by 2022.
    FTAs during the period January-June 2014 stood at 3.54 million as compared to
    FTAs of 3.36 million during the corresponding period of 2013, registering a
    growth of 4.5 per cent. FTAs during June 2014 were 492,000 as compared to
    451,000 during June 2013, a growth of 11.5 per cent.






    Billion) during the same period last year, registering a growth of 17.9 per cent.
    FEEs during June 2014 were R s 8,458 crore (US$ 1.41billion).
    The number of tourists availing the tourist Visa on Arrival (VOA) scheme during
    January-June 2014 have recorded a growth of 28.1 percent. During the period, a
    total number of 11,953 VOAs have been issued as compared to 9,328 VOAs
    during the corresponding period of 2013.

    Investments

    The foreign direct investment (FDI) inflows in hotel and tourism sector during the
    period April 2000March 2014 stood at US$ 7,348.09 million, as per the data
    released by Department of Industrial Policy and Promotion (DIPP).
    The following are some of the major investments and developments in the Indian
    tourism and hospitality sector:
    India's largest integrated travel company Thomas Cook's human resources
    and staffing arm Ikya Group plans to buy Hofincons Infotech and Industrial
    Services. The deal is estimated to be valued around Rs 75-100 crore(US$
    12.47-16.63 million).
    Hyatt has announced the opening of Hyatt Raipur, its sixth Hyatt-branded
    property in India. "We are delighted to introduce the first Hyatt-branded
    hotel to Raipur. Hyatt hotels are intimate, upscale hotels that offer authentic

    hospitality in a vibrant environment," as per Mr Pablo Graf, Senior Vice
    President -Operations, Hyatt Hotels & Resorts, South West Asia.
    Lemon Tree Hotels plans to invest Rs 1,000 crore (US$ 166.35 million) to
    ramp up room capacity from 2,800 to 8,000 across the country by the end of
    2017. "Our ramp-up will include rooms in our upscale brand Lemon Tree
    Premier, mid-scale brand Lemon Tree Hotels and economy brand Red Fox,"
    said Mr Sumant Jaidka, COO, Lemon Tree Hotels.
    Oberoi Realty plans to bring iconic luxury brand Ritz-Carlton to Mumbai.
    The American brand hotel is being planned in Worli and is expected to come
    up by 2016 at a cost of Rs 750 crore(US$ 124.75million).
    Movenpick Hotels and Resorts has signed a management agreement to
    operate a new hotel in Kochi, its third property in India. The hotel will be
    owned by ITMA Hotels India Pvt Ltd, an associate company of Jomer



    Government Initiatives
    The Ministry of Tourism has launched a web-based Public Delivery System to ease
    the process of filing applications by the travel trade service providers seeking
    recognition from the Ministry, and also to bring in transparency in granting the
    approvals. All the applications will now be examined, processed and approved
    within 45 days from the receipt of completed applications.
    Tripigator.com, a travel planning engine, was launched in Delhi in partnership with
    Incredible India of Ministry of Tourism, on May 5, 2014. The website instantly
    generates personalised travel itineraries with fewer inputs and significantly reduces
    users' efforts by replacing 10 tabs with one tab.
    The Ministry has also launched a campaign 'Clean India' to sensitise all sections of
    the society on the importance of cleanliness and hygiene in public places,
    particularly monuments and tourist destinations. The campaign is a blend of
    persuasion, education, training, demonstration and sensitisation of all sections of
    the society.
    The Ministry of Tourism has been making efforts to develop quality tourism
    infrastructure at tourist destinations and circuits in the country. It has sanctioned Rs
    4,090.31 crore (US$ 680.52 million) for a total number of 1,226 tourism projects,
    which includes projects related to Product/Infrastructure Development for
    Destination and Circuits (PIDDC), Human Resource Development (HRD), Fairs
    and Festivals, and Adventure and Rural Tourism for infrastructure augmentation.












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