Much has been happening in the Indian hospitality and tourism sector in recent times. Following the implementation of the GST, some were not very happy with the high GST rates which were being levied on luxury hotels. However, much to the relief of most the rates have been brought down. This is being seen as a welcome move by most players in the sector and revived hopes that it would help the sector grow. Already there are many significant indications which show that the travel and tourism sector in India is growing fast.
Recent trends in the growth in tourism in India
As per a recent report released by India Brand Equity Foundation (IBEF), the hospitality industry as a whole in India is set to create more than 13 million jobs across different sub-segments. These include restaurants wherein around 10.50 million jobs would be created, followed by hotels where 2.3 million jobs would be created and employment in Travel Agents/Tour Operators would be around 0.66 million.
In the opinion of travel experts, the Hospitality industry in India is evolving at a faster pace in recent years. This has mainly happened owing to the growth of tourist inflow. This has also meant that the hospitality industry has become one of the main sectors to increase foreign direct investment (FDI) influx. In fact, since more people have now come online, smartphone penetration has increased and use of digital payments go up, it is being estimated that India’s online hotel market will grow to $4 billion with 31 percent penetration at a CAGR of 25 percent.
In another report released by Boston Consulting Group and Google India titled ‘Demystifying the Indian Online Traveler’ has predicted the Indian passenger travel market to grow at 11-11.5 per cent to $48 billion by 2020. The report also projects the hotel industry growth at 13 percent to $13 billion by 2020.
Experts from the hotel and tourism sector feel that the inbound tourism industry in India is in a great shape at present currently. They also predict that the rising interests of travelers from across the world indicate a healthy shift and a positive growth in Indian inbound tourism sector. In sharp contrast to the past, there is an increase in the share of visitors looking to spend their vacations or explore exotic Indian destinations. Thus new tourist destinations are now emerging in India like never before.
Why you should be happy about the growth as a tourist?
Apart from the great benefits to the economy, you should be happy too as a tourist. This is because with the growth happening in the sector more and more investments are likely to happen in the sector and with it more development. With this, more and more tourist destinations would emerge and with it more options for you as a traveler. To keep you up to date with the latest in travel and tourism keep following our blogs on Hotel Cocoon Dhanbad, the best luxury hotel in Dhanbad.