Current Scenario of IHM
India being a highly diversified county attracts a huge no. of tourist that generates a markable revenue for Indian hotel market every year & hospitality service industry has risen as a major contributor to the economy by providing employment, training, good foreign customer relations and as a profitable earning engine in the recent years.
Indian hotels are also a significant source of foreign exchange for the country and also a image building factor for the nation by providing same level of cultural hospitality and recently India moved up to 13 position from 52nd rank from 65th in Travel and Tourism competitive index.
Restaurant and Hotels jointly offered 12.51 million jobs to its countryman which ultimately increase the disposable income of the residents and their families.
The current scenario of Indian hotel market is constantly growing and has expanded in recent years which implies that upcoming years can be the peak of Indian hotel market.
In some regions like 'Varanasi' and 'katra' hotels are being overbooked even in lean season which is a proof than hospitality service industry will definitely expand in future.
FORECASTS FOR THE UPCOMING YEARS:
India is expected to move up five spots to be ranked among the top five business travel market globally by 2030 which is sign of Fortune for the investors.
International hotel chains are also likely to expand their business in India and are likely to account 50% in Indian hospitality market from the current of 44 percent.
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