The tourism industry of India is economically important and is growing rapidly. It has become the world's fourth largest export industry after fuels, chemicals and food. Specifically, tourism accounts for 6 per cent of the world's total merchandise and service exports that represents 30 per cent of international trade in services. Besides, 9.8 per cent of the world's total gross domestic product (GDP) originates from the tourism sector. The infiuence of inbound tourism on national economies is becoming increasingly important because of the growing size of the tourist market. Inbound tourism stimulates economic growth in numerous ways. For instance, tourism significantly contributes to foreign exchange reserves which help in bringing new technologies for production process. Secondly, tourism stimulates investments in new infrastructure, human capital and increases competition. Thirdly, tourism promotes industrial development through spillover effects and creates jobs and hence stimulates earnings, thereby generating positive economic externalities.
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http://employmentnews.gov.in/NewEmp/MoreContentNew.aspx?n=Editorial&k=30217
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