Besides reinventing strategies, players must focus on the Indian market
Unwanted neighbourly intervention has been a thorn in India’s flesh, but still, the country lives up to its ‘incredible’ positioning as a tourist destination. Numbers tell the story quite succinctly. International tourist inflow in India by 2020 is expected to be 10 million (as per World Tourism Organization). The sector witnessed an inflow of 5.2 million tourist arrivals in FY ‘08 (11% growth yoy) making it second only to China in terms of growth. Tourism actually accounts for a significant 6% of India’s GDP.With the global crisis brewing, there is, however, a looming fear regarding that ‘6%’. Already, the sector witnessed a slow growth rate of 2.8% yoy in foreign tourist arrivals for October, a predicament further exacerbated by the depreciation of rupee against dollar. And the most direct impact is on hospitality, where players are bracing themselves for uphill roads.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).
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