360 Degree
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360 Degree
The Tourism Industry Background & History The three major sectors that contribute to the development of the economy of a country are: Agriculture, Manufacturing & services. The share of the services sector in the world’s economy has been growing steadily over the past few years. In developed countries, the services sector accounts for more than 60% share of the GDP. The various sectors that combine together to constitute service industry in India are: Tourism Hotels and Restaurants Railways Other Transport & Storage Communication (Postal, Telecom) Banking Insurance Public Administration; Defence Service Sector in India today accounts for more than half of India's GDP. According to data for the financial year 2006-2007, the share of services, industry, and agriculture in India's GDP is 55.1 per cent, 26.4 per cent, and 18.5 per cent respectively. {draw:frame} Fig. 1: Contributors to India’s GDP. The fact that the service sector now accounts for more than half the GDP marks a watershed in the evolution of the Indian economy and takes it closer to the fundamentals of a developed economy. The economies of Developing Nations are witnessing a growing share of services with time. {draw:frame} All Developing countries have recognized the economic benefits to be derived from autonomous reforms in sectors such as financial services, telecommunications and transport, which may be viewed as infrastructural backbones of any economy. These sectors have a significant impact on growth and efficiency across a wide range of user industries and overall economic performance. Present Industry Scenario Several reasons are cited for the growth and prosperity of India’s travel and tourism industry. Economic growth has added millions annually to the ranks of India’s middle class, a group that is driving domestic tourism growth. Disposable income in India has grown by 10.11% annually from 2001-2006, and much of that...
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