A STUDY ON THE IMPACT OF COVID 19 ON HOSPITALITY INDUSTRY WITH SPECIAL REFERENCE TO CORPORATE BUSINESS INCOME

Abstract

Among the service sector the Indian tourism and Hospitality industry has become one of the key drivers of growth. India has a great potential of growth in this sector due to the rich cultural and historical heritage , ecology, places of natural beauty and places of religious importance. This sector also provides for employment. In FY 2020 tourism sector in India accounted for 39 million jobs which is 8% of the total employment of the country. The tourism and hospitality sector both are interconnected and one exist because of the other. The covid 19 pandemic has hit upon all the sectors .But among all the sectors the sector which has been completely devasted is tourism and hospitality industry. The main motive for a tourist is to visit locations and enjoy the scenery around but the covid 19 pandemic had put a serious question on this matter as under these pandemic people got feared to leave their house, so no question of visiting other places or cities. The hotel industry have been hit badly but it tried to cope with the situation by adopting various measures to sustain this pandemic and some of them are really commendable. However, of all the sources of income of the hotel industry one major source is from the corporate sector. The meeting, product launch of various companies previously used to be held at these hotels but due to the pandemic era everything has been shifted online. This paper tries to analyze the impact of online shift of business dealings on hotel industry. This paper focusses on the pre pandemic and post pandemic corporate business income of the hospitality industry and its future impact.