The Indian tourism and hospitality industry has materialized as one of the key drivers of growth among the services sectors in India. It contributes to 6.23 percent to the National GDP and 8.78 percent of the total employment in the country. Functional growth and improving standards have gained the hospitality industry of India approval all over the world.
Tourism in India has generated immense employment opportunities and is a vital source of foreign exchange for the country. The travel and tourism industry contributed Rs. 2.17 trillion (US$ 36 billion) or 2 per cent to the country's gross domestic product (GDP) in 2013. The figures are expected to rise to Rs. 4.35 trillion (US$ 72.17 billion) by 2024.
The Indian hospitality sector has been growing at a cumulative annual growth rate of 14 per cent every year adding significant amount of foreign exchange to the economy.
Factors Responsible for Growth
· Rising income in households
· Increase in niche tourism such as eco-tourism, luxury tourism and medical tourism
· Tourism and hospitality sector attracted second highest FDI i.e. US $3.2 billion in the year 2013
· 100 percent FDI allowed through automatic route in hotel and tourism sector
· Diversity of the country attracts an ever increasing number of tourists every year
· Government initiatives in improvement of infrastructure like airports, highways, ports and railways
· India is a labour intensive country
· India has been ranked as the fourth most preferred travel destination by Lonely Planet selecting the country among the top five destinations from 167 countries.
With a consistently growing middle class and increasing disposable income, the tourism and hospitality sector is witnessing a healthy growth and accounts for 7.5 per cent of the country's GDP. The hospitality sector in India is expected to grow at 16.1 per cent CAGR to reach Rs 2,796.9 thousand crore in 2022.The hospitality sector encompasses a wide variety of activities within the services sector and is a major job provider both direct and indirectly. The sector attracts the most FDI (Foreign Direct Investment) inflow and is the most important net foreign exchange earners for the country.
Tourism in India accounts for 7.5 per cent of the GDP and is the third largest foreign exchange earner for the country. India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products - cruises, adventure, medical, wellness, sports, MICE, eco-tourism, film, rural and religious tourism. India has been recognized as a destination for spiritual tourism for domestic and international tourists. Holiday resorts business is very flourishing business these days.
Top Timeshare Companies of India:
· Club Mahindra
· Sterling Resort
· Club group of Hotels
· Toshali Resort
· Royal Goan Beach Club Resort
· Country Vacations
· Cambay Resort
Timeshare first made its entry into India a little over thirty years ago, bringing in the never-before concept of long-term vacation ownership. Initial formats offered just a roof over your head, in a holiday setting – the attraction those days was a one-time purchase that gave you free holidays every year.
Timeshare in India is clearly a front runner in the travel and hospitality industry. Looking at a share in the pie, the timeshare resort base has grown by over 50% over the last six years. We have 3, 50,000 families subscribing to timeshare in India and the estimated market exceeds 3.5 million.
The industry here has been growing at anywhere between 18-20 percent, year-on-year over the last five years. There is a visible increase in the number of sign ups, because vacation seekers are entering the timeshare market in a big way – an indication of changing trends.
Few Indian Major Players are as under:
1. Amanbagh Resort
2. Park Hyatt Goa Resort and Spa, Cansaulim, Goa
3. The Oberoi Cecil, Shimla, Himachal Pradesh
4. Ananda Spa Resort, Rishikesh, Uttarakhand
5. Shaam-e-Sarhad Village Resort, Kutch, Gujarat
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