Over the last few years India has become one of the favorite destinations of foreign tourists, giving a huge boost to hospitality industry. The market size of the tourism and hospitality industry in India stood at US$ 117.7 billion in 2011 and is anticipated to touch US$ 418.9 billion by 2022. According to report by India Brand Equity Foundation the sector's direct contribution to gross domestic product (GDP) is expected to grow at 7.8 percent per annum during the period 2013-2023. Another report published by the Travel and Tourism Council (WTTC) states that by the year 2020, tourism could add another Rs 850,000 crores to India’s GDP.
Foreign Investors inclination towards this industry can be seen from the heavy investment made in the last few years. According to statistics released by the Department of Industrial Policy and Promotion (DIPP), the amount of FDI inflow in Indian hospitality and tourism industry during the last couple of years was more than US$6000 million.
Most of the reputed foreign players like Starwood, Marriot have collaborations with Indian hospitality companies. The entry of Kentucky Fried Chicken, McDonald’s, Pizza Hut and Domino’s, has offered an international glitz to Indian hospitality sector and acts as an attraction for more foreign players to set up shop in India.
A unique feature of this industry is its huge employment potential. According to the data released by Planning Commission, Indian hospitality sector is the second largest employer in the country, capable of offering employment opportunities to a wide range of job seekers from professional to unskilled workers.
The Indian hospitality sector has been growing at a Cumulative Annual Growth Rate of 14% every year, as stated by Overseas Indian Facilitation Centre, set up by the Ministry of Overseas Indian Affairs and CII.
It is also expected that the gap between demand and supply of manpower will get wider. In this scenario, quality of manpower is of utmost importance for the industry’s growth. To overcome the shortage of trained manpower in the industry some of the corporate groups have already entered the education industry and are running their own institutes. As the industry comprises so many segments, there are many options available for young people, be it food, airlines or hotel sector.
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