Management of Hospitality Industry: The Indian Perspective

Abstract

Abstract: India is one of the most popular travel destinations worldwide, as a result of which the Indian tourism and hospitality industry has emerged as one of the most important growth engines of the service sector in India. The tourism industry in India has significant potential as tourism is an important source of foreign exchange in India as in many other countries. Foreign exchange earnings grew at a CAGR of 7% from 2016 to 2019, but declined in 2020 due to the COVID-19 pandemic. It is widely recognized that the tourism and hospitality sector, which includes tourism and hospitality services such as hotels and restaurants, is a driver of development, a catalyst for socio-economic growth and an important source of foreign exchange earnings for many countries. India's rich and exquisite history, culture and diversity are showcased through tourism while providing important economic benefits. Consistent action by the central and state governments has helped the tourism industry recover from the shock of the COVID-19 pandemic and operate at pre-pandemic levels.