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HOSPITALITY INDUSTRY – BRIGHT PROSPECTS!

With the advent of liberalization and the Indian economy opening its doors to the world, there has been a tremendous increase in inbound traffic. People from all over the world are coming to India, whether it’s for business or for leisure.  A robust economy has further encouraged the Indians to spend more on vacations. All this has had a direct impact on the hospitality industry, which has had its graph looking skywards since. Be it Hotels, restaurants or tour operators, all have made a buck or two. This trend is expected to continue and even grow in the near future.

The booming hospitality sector:
The Indian hospitality industry has developed into one of the leading industries driving growth of the service sectors in the country. It has grown into a business that is thoughtful to the desires and needs of people. The prosperity of this industry has always been associated with the developments of the tourism industry which is the leading demand driver of the industry. The hospitality industry in India has documented strong growth powered by vigorous influx of foreign tourists as well as amplified tourist crusade within the country which has become one of the important players in the worldwide industry. Foreign tourist arrivals (FTAs) in India have improved gradually from 2002 to 2008.

Hospitality industry is a part of the service industry consisting of many sub fields namely accommodation providers, eateries, tour operators, entertainment providers etc.  According to the market research company Technopak, the Indian hospitality industry is estimated to be around $23 Billion and growing at an expected rate of around 20%. This has attracted lots of foreign investors who are expected to pump in around $ 12 Billion into this industry in the coming two years, which will further boost the industry.Not only is the industry the third largest foreign exchange earner but this sector also provides the highest number of jobs per million rupees invested. As it is a big revenue churner, the Government is also doing its bit to promote the hospitality sector by providing tax holidays and forming pro active policies,easy licensing and low fees that have further augmented the growth.

The growth of hospitality management courses:
Hotel Management is amongst the most popular career choices amongst students today. Lakhs of students every year dream of adorning the chef’s cap or to be a part of 5 star hotels with their management skills. With travel and tourism being an important part of the Indian culture, its professional training has just begun to seep in the education sector. Numerous institutes in India offer Hotel Management course because it is a prominent career choice.

Being such a revenue generator, this industry is perpetually in demand for quality manpower. As it is one of the largest employment creating sector, there is a constant need to feed it with quality work force. To tackle with this issue, many Hotel management colleges have been set up by the government where world class hospitality management courses are being offered to the students. Even the private sector has been encouraged to invest in the hospitality education field. One can see many privately owned colleges offering various hospitality management courses.The courses range from short term diploma courses to full time three year degree courses.

The government has set up a chain of institutes by the name of Institute of Hotel management (IHM) across the country in cities like Mumbai, Bangalore, Delhi, and even smaller cities like Lucknow and Aurangabad. They provide quality hospitality management education and are ranked quite high. Besides the IHM’s, some of the top hotel management institutes in India include private institutes like the Oberoi Center of Learning and Development, Delhi and the Welcomgroup Graduate school of Hotel Administration in Manipal. The big hotel chains in India have opened up their own Hotel Management colleges to feed their constant need for quality manpower. Students graduating from these institutes are given preference for a job in these top hotels. This acts as a win-win situation for both as students get a secured job and the hotels get quality manpower.

Future of Hospitality in India:
The hospitality and tourism industry of India is flourishing and growing at a fast pace. The industry is amongst the most lucrative industries in the country, and is attributed with contributing a generous quantity of foreign exchange. India’s rich tradition, cultural heritage, festivals, monuments,food, hospitality and services are the encouraging strengths for its tourism segment.Hotels also play a significant part of the tourism division. They add to the overall experience of the tourism industry through services and facilities offered by them. With global tourism growing year-on-year (y-o-y) and the constant power of domestic tourism, India is on the road to see some incredible opportunities of growth ahead. With the prominence shifting more to offbeat and unexplored destinations and exclusive experience-based journeys, the Indian travelers are looking to discover the most exquisite travel options.

The World Travel and Tourism council (WTTC) has rated India as one of the top tourism destinations for the next ten years. The tourist inflow is expected to touch 30 million by the year 2018, rising from just 11 million in 2008. This is being buoyed by various new attractions which India is offering like the medical tourism, the Meetings, Incentives, Conferences and Exhibitions (MICE) sector and even the education sector. With the Foreign investments being given a green signal, the expected inflow of business travelers and tourists is expected to further rise resulting in bright prospects for the hospitality sector. Further with increase in the spending power of Indians, more and more money is being spent in this sector, thereby making the future of the hospitality industry in India, secure and shining.

Rashmi Karan writes for Shiksha.com, one of the leading education portals in India. Learn about the current educational trends and the courses available across different management colleges in India at Shiksha.com.

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