India is home to some of the world’s most ancient and spectacular monuments, historical sites, wonders, and legends. Every year millions of tourists visit India to experience the rich and diverse culture it has to offer. Besides being a huge draw for vacationers, tourism is also a huge employment generator. According to the latest report by IBEF (India Brand Equity Foundation), the travel & tourism sector in India accounted for 9.3% of the total employment opportunities generated in the country in 2016, providing employment to around 40.3 million people during the same year. The number is expected to rise by 2% per annum to provide 46.42 million jobs by 2026.
India’s culture and traditions are rooted in hospitality. It is, therefore, no surprise that the phrase “Atithi Devo Bhava”, which means “Guest equals God”, has become the official slogan for hospitality in India. Hospitality in India is witnessing a steady growth, thanks to the increase in the number of tourists and government initiatives to attract foreign investments. Tourism has a huge impact on the hospitality sector. Hence, an increase in investments in tourism will directly impact the hospitality industry as well.
A report by KPMG states that the hospitality sector in India is expected to grow at 16.1% CAGR to reach INR 2,796.9 thousand-crore in 2022. It is also the sector which attracts the most FDI. Increase in disposable income and a growing middle-class have further contributed to the growth of this sector.
Let’s look at some interesting statistics about the tourism and hospitality industry in India from IBEF (India Brand Equity Foundation).
These are just a few of the many factors that point towards a positive growth of the hospitality industry. With the right support from both government and private agencies, the industry has the potential to be a major game-changer in terms of tourist inflow as well as employment opportunities.
The business and culture of the hospitality industry in India is undergoing a massive shift. In terms of career opportunities, this sector is seemingly the most lucrative. With the MBA Hospitality Management program from MBA ESG, you too can be a part of this growing sector and contribute to its and, in turn, your success.