Hospitality, Tourism, Hotel And Catering Industries And Their On-Going Growing Trend

A never ending growing rate:
Tourism sector in India now accounts for a growth of 6.8% of GDP. It is now defined as the 3rd largest foreign exchange earner on a global basis. This hospitality and tourism companies have now contributed to a GDP growth of US$ 44.2 billion, in the year 2015. However, the direct contribution, as within 2006-2015 was expected to be registered at 10.5% on CAGR. By the end of 2025, the contribution of travel and tourism company is likely to grow the GDP account to up to 7.2%, with US$ 88.6 billion monetary value.
The present market size:
The FTAs account has been now steadily growing in the last 3 years, which will reach somewhat around 4.48 million, within a time span of 6 months. While in US dollar, FEEs from the tourism department has grown by nearly 3.2%, when compared with 1.9% growth in the year 2013. In July 2015, FEE was noted to be Rs. 11,452 crore, when compared with the Rs. 10,336 crore mark the previous year. Now, the FEE growth rate within the time span of January to June 2015 was within 6.9%. Growth potential in this industry is unlimited.
Governmental initiatives to come across:
The Indian government was not far from realizing the fact that the tourism business holds a major section of Indian economy. This might be the main cause of the growth of Indian tourism hub. The governmental bodies now plan to cover 150 countries under the present e-visa scheme, other than opening up an airport in NCR area.
Even ETA enabled the TVOA scheme, in the year 2014, November 27th. This scheme was available in 43 countries, which also led to a growth in the tourism business. The Indian government was known for setting aside a Rs. 500 crore plan for the “National Heritage City Development and Augmentation Yojana.”

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