Tourism As a Growth Engine for Indian Economy

[Abstract] Tourism has emerged as a leading industry worldwide, playing a transformative role in the economic development of many countries, particularly those transitioning from underdeveloped to developed status. This sector not only generates substantial profits but also creates employment opport...

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Bibliographic Details
Published inInternational management review Vol. 20; pp. 59 - 147
Main Authors Barman, Panchanan, Chanu, Ayekpam Ibemcha, Sanyal, Joyjit
Format Journal Article
LanguageEnglish
Published Marietta American Scholars Press, Inc 01.01.2024
Subjects
Consumption
COVID-19
Earnings
Economic development
Economic growth
Employment
GDP
Gross Domestic Product
Job creation
Sustainable tourism
Time series
Tour operators
Tourists
Travel
Trends
India
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Summary:[Abstract] Tourism has emerged as a leading industry worldwide, playing a transformative role in the economic development of many countries, particularly those transitioning from underdeveloped to developed status. This sector not only generates substantial profits but also creates employment opportunities and contributes to foreign exchange earnings. Sustainable tourism practices have become integral to the 2030 Agenda, emphasizing responsible and environmentally conscious travel. In India, the Travel and Tourism sector made a significant contribution to the GDP, amounting to Rs. 15.7 trillion in 2022 and employing 37.2 million people. Tourism accounts for 6.23% of the national GDP and 8.78% of total employment. The tourism industry offers a wide range of entrepreneurial opportunities, including transportation, accommodation, food and beverage services, tour operators, travel agencies, entertainment, handicrafts, and event management. This study aims to examine the influx of foreign tourists to India, the revenue generated by the tourism industry, and the potential of various tourism avenues to drive economic growth by generating revenue, creating jobs, and fostering infrastructure development. The findings reveal a significant relationship between the number of overseas tourist arrivals in India and foreign exchange earnings during the study period.
ISSN:1551-6849