Tourism and Hospitality
Contribution to the Economy
Tourism and hospitality
Report 2009 by the World Economic Forum, India is ranked 11th in the Asia Pacific region and 62nd overall, moving up three places on the list of the world's attractive destinations. It is ranked the 14th best tourist destination for its natural resources and 24th for its cultural resources, with many World Heritage sites, both natural and cultural, rich fauna, and strong creative industries in the country. The India travel and tourism industry ranked 5th in the long-term (10-year) growth and is expected to be the second largest employer in the world by 2019.
Contribution to the economy
Combining unparalleled growth prospects and unlimited business potential, the industry is certainly on the foyer towards being a key player in the nation's changing face. Furthermore, banking on the government’s initiative of upgrading and expanding the country’s infrastructure like airports, national highways etc, the tourism and hospitality industry is bound to get a bounce in its growth.
The hotel and tourism industry’s contribution to the Indian economy by way of foreign direct investments (FDI) inflows were pegged at US$ 2.24 billion from April 2000 to November 2010, according to the Department of Industrial Policy and Promotion (DIPP).
India’s hotel pipeline is the second largest in the Asia-Pacific region according to Jan Smits, Regional Managing Director, InterContinental Hotels Group (IHG) Asia Australasia.
He added that the Indian hospitality industry is projected to grow at a rate of 8.8 per cent during 2007-16, placing India as the second-fastest growing tourism market in the world. Initiatives like massive investment in hotel infrastructure and open-sky policies made by the government are all aimed at propelling growth in the hospitality sector.
Food Service/Restaurants/FranchisingThe food provision sector faces many challenges, from ever-growing competition levels, to economic uncertainty in an age of potential recession, increasing costs and constantly changing customer desires and tastes. Thus, constant market research and analyses are essential, in order to shape products to meet this constant shifting in customer desires and tastes. Other challenges involve the hiring and retaining of skilled and capable employees, ensuring the safety of food products, expanding one’s business in a contracting market and ensuring consumer loyalty to one’s brand.
Leading Point’s staff have extensive experience in offering strategies that overcome the challenges inherent in this sector, providing new perspectives that increase profits, efficiency and market share.