ECONOMIC IMPACT OF COVID 19 ON TOURISM AND HOSPITALITY INDUSTRY IN INDIA

Tourism is the vital breath in the human activity while making a prolonged journey from place to place. It is a human desire to make a sound of the places of interest, i.e., religious, spiritual, natural phenomenon, beautiful places, monuments, ancient cities and sites, historical places of pilgrims and above all the places of curiosity. According to Dr. Radhakrishnan, ‘Tourism widens our horizons, promotes understanding, stimulates travel and fosters friendship.’ Tourism and Hospitality are positively associated as number of tourists increases, demand for hospitality increases. Tourism and hospitality industry is key drivers of growth among the service sector in India. Indian economy is the 8th largest tourism economy and 9th largest in cultural resources and business travel, in the world. This industry has been witnessing a healthy growth number and accounted 7.5 % of GDP. Keeping in view above facts, present paper is an attempt to analyze the Economic Impact of COVID-19 on Tourism and Hospitality in India. Tourism and hospitality industry is the important source of employment generation and creation of foreign exchange. Also, it protects the cultural heritage of the country. Growth and Trends of Hospitality industry is being analyzed. Impact of COVID-19 on various economic aspects like, impact on GDP, Employment, number of tourists and infrastructure, are being discussed. Future prospects, Opportunities and Challenges before the Industry and suggestions are given. The complete analysis is based on Secondary data. Reports of concerned committees gives immense help to understand the industry. Appropriate statistical tools will be used wherever necessary.

 

Keywords: COVID 19, Tourism, Hospitality Industry, Foreign Exchange, GDP.


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