The Indian hotel industry is among the sectors that have been impacted the earliest by the outbreak of the Covid-19 pandemic on account of its inextricable linkage with travel and tourism, especially foreign travel and tourism, which evidently bore the first brunt of the global crisis.
Likewise, it may be among the last sectors to recover, considering that due to its nature, travel and tourism is a discretionary activity. Additionally, with corporate entities all over the world getting acclimatised to interacting internally or externally in a zero-cost work-from-home mode, the resumption of business traffic, even in the event of the pandemic abating, is expected to be tardy.
India's hospitality and tourism sector suffered three-quarters of economic wipeout estimated to be up to `15 lakh crore, and the industry is desperately looking forward to government support to survive and recover in 2021.
This was the worst three quarters ever for the tourism industry over a century and this is expected to play out till another two quarters till vaccine is deployed across all source and destination markets, Federation of Associations in Indian Tourism and Hospitality (FAITH) Chairman Nakul Anand told PTI.
The Indian hospitality industry along with tourism has been one of the key segments driving the growth of the services sector in the Indian economy. According to the World Travel & Tourism Council (WTTC), the Indian travel and tourism sector contributed about US$ 194 billion during CY2019 contributed about US$ 194 billion during CY2019 contributing around 6.8% of the country’s GDP. Out of the 185 economies, India stood 10th in terms of the size of travel and tourism spends during 2019.
This story is from the January 2021 edition of Ambrosia.
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This story is from the January 2021 edition of Ambrosia.
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