TITLE - HOTEL INDUSTRY WITH A
SPECIAL STUDY ON THE INDIAN HOTELS (TAJ)
Table
of Contents
1. Hotel
industry
1.1.
Introduction
Hospitality
is all about offering warmth to someone who looks for help at a strange or
unfriendly place. It refers to the process of receiving and entertaining a
guest with goodwill. Hospitality in the commercial context refers to the
activity of hotels, restaurants, catering, inn, resorts or clubs who make a
vocation of treating tourists. Helped With unique efforts by government and all
other stakeholders including hotel owners, resort managers, tour and travel
operators and employees who work in the sector, Indian hospitality industry has
gained a level of acceptance world over. It has yet to go miles for recognition
as a world leader of hospitality. Many take Indian hospitality service not for
its quality of service but India being a cheap destination for leisure tourism.
With
unlimited tourism and untapped business prospects, in the coming years Indian
hospitality is seeing green pastures of growth. Availability of qualified human
resources and untapped geographical resources give great prospects to the
hospitality industry. The number of tourists coming to India is growing year
after year. Likewise, internal tourism is another area with great potentials.
The
hospitality industry is a 3.5 trillion dollar service sector within the global
economy. It is an umbrella term for a broad variety of service industries
including, but not limited to, hotels, food service, casinos, and tourism. The
hospitality industry is very diverse and global. The industry is cyclical;
dictated by the fluctuations that occur with an economy every year. Today
hospitality sector is one of the fastest growing sectors in India. It is expected
to grow at the rate of 8% between 2007 and 2016. Many international hotels
including Sheraton, Hyatt, Radisson, Meridien, Four Seasons Regent, and
Marriott International are already established in the Indian markets and are
still expanding. Nowadays the travel and tourism industry is also included in
hospitality sector. The boom in travel and tourism has led to the further
development of hospitality industry.
In
2003-04 the hospitality industry contributed only 2% of the GDP. However, it is
projected to grow at a rate of 8.8% from 2007-16 which would place India as the
second-fastest growing tourism market in the world. This year the number of
tourists visiting India is estimated to have touched the figure of 4.4 million.
With this huge figure, India is becoming the hottest tourist destination. The
arrival of foreign tourists has shown a compounded annual growth of 6 per cent
over the past 10 years. Besides, travel and tourism is the second highest
foreign exchange earner for India. Moreover, it is also estimated that the
tourism sector will account for nearly 5.3 per cent of GDP and 5.4 per cent of
total employment.
1.2.
The Hotel Industry in India
India
is rapidly becoming one of the most sought after economies in the world. With a
GDP growth of 7 to 9%, year on year for the last four years, an increasing
emphasis on infrastructure development, a new branding of the country as a
tourist destination, Incredible India is poised to grow dramatically into one
of the world's leading economies in another ten to fifteen years. With its
unique mix of tradition, culture and modernity it is a must visit on the list
of destinations for global travelers. The tourism industry is leading the way
in India achieving worldwide recognition and popularity.
The
hospitality industry in many ways represents the country's growth and
prosperity. The standard of accommodation and the quality and variety of food
available in a destination is a significant component of the impression and
image of that place in the mind of the traveler. Indians are becoming more
exposed to the world and therefore are now demanding the finest luxuries even
within their homeland. It is therefore of paramount importance that the
hospitality industry keeps revamping and reinventing itself to ensure that
neither the international nor the domestic traveler is disappointed. “The
globalization of the hospitality industry has accelerated under the pressures
of the advances in technology, communication, deregulation, elimination of
political barriers, global developments as well as the growing competition in
the global economy” (Teare and Olsen, 1999). The hospitality industry in India
is too responding to these pressures and developments. It is rapidly maturing
and pushing itself to meet the demands of the people most efficiently. The
standard of service provided has significantly risen over the past five years.
Add-ons to a room that were earlier considered as luxury have today become
must-haves.
Clearer
product segmentation is also emerging in India. A three star budget
accommodation can no longer pass off as a luxury five star hotel. Indian
hospitality is also opening up to a more professional approach to exhibitions
and conventions. The MICE market is rapidly growing as India is inherently a
preferred destination for meetings due to its scenic beauty and feasibility.
To read more…….
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