India is a culturally diverse country. From twenty eight states to seven union territories, tourists are spoilt for options. India is blessed with a rich heritage, different cuisines, archeological sites, gracious and welcoming people. Having such a strong aura India allures tourists. Research report states that tourism is the most exciting tertiary sectors and has a strong foothold in the economy. The tourism sector contributes 6.23 % to the national gross domestic product (GDP) and 8.78 % of the total employment in India. Besides, India stands 42nd in the world rankings in terms of foreign tourist arrivals in the country.
The growth in the tourist industry has given a subsequent rise to hotel industry . It is amongst the fastest growing industry in the world. The hotel industry in India has been a significant industry to the Indian Economy. It is one of the largest foreign exchange earners, to the country and also one of the largest employers, both directly and indirectly. The hotel industry in India is segregated into eight segments based on the terms set by the Ministry of Tourism. They are 5-Star Deluxe, 5-Star, 4-Star, 3-Star, 2-Star, 1-Star, Heritage and Unclassified. On the other hand, the 3-star, 2-star, 1star and unclassified hotels in India are spread across the country and are highly split in nature, and the expensive, mid market and heritage categories are highly structured. The upscale category hotels are primarily present in the metros but now they are expanding to other cities for better profits.
The demand for the hotel rooms is determined by the rise in the number of the domestic and well as the foreign tourists. The traffic of foreign tourists is determined by the growth in Global GDP, increased business transactions with other countries, rise in tourist destinations and government marketing strategies like “Atithi Devo Bhava” & “Incredible India”. Local tourist is the backbone of Hotel Industry as the number of tourists is 100 times more as compared to foreign tourists. Domestic tourists are mainly two types, leisure travelers and business travelers. Growth in leisure travelers is driven by increasing personal income, ever changing lifestyle, growing multi earner in the family, weekend vacation culture, and improvement in transportation and road connectivity, diverse topography and rich cultural heritage.
Some of the prominent players in the industry are Lemon Tree, Park, Sarovar , IBIS, ginger Hotels Company, East India Hotels, , Oberoi group and Taj group etc. The hotel industry is set to raise their bar high by constructing more rooms, opening their franchise in a small tourist area and increasing the efficiency in their staff to get higher profits.
For more information visit, http://www.bharatbook.com/market-research-reports/hotels-market-research-report/indian-hotel-industry.html
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