Tourism and Hospitality is an important constituent of economies worldwide, driving economic growth and employment generation. Given the nature of the industry, it is also one of the important sectors with potential for driving regionally distributed development.
It is estimated that in India every USD 1 million spent in Travel and Tourism in India, generates USD 1.3 million in GDP. The sector accounts for 7.5% of the country’s GDP, and it’s direct contribution is expected to grow by 7.9% per annum during the next decade, 2016-2026.
In terms of employment, the sector is estimated to have generated employment for around 38.4 million people in 2016, contributing 9% of the total employment opportunities generated in the year. This is expected to rise by 2% per annum to 46.42 million jobs by 2026.
Hotels and tourism projects find favour with Foreign Direct Investors as well, accounting for 3.3% share of total FDI equity inflows in FY 2015-16, placing it amongst the top ten sectors attracting FDI. The sector is the third largest foreign exchange earner for the country, after gems & jewelry and readymade garments.
Tourism is an important segment of many state economies in the northern region. With greater focus on Tourism & Hospitality, both at the GoI level and State Governments, this sector is bound to grow Accommodation and catering services are a key component of this segment and will grow with the overall growth in the segment.
Against this backdrop CII Northern Region proposes to launch a mega B2B event catering specially to the needs of the Hospitality segment - CII Hospitality Expo from 3-6 November 2017. The focus of the first edition is proposed to be Investments and Sourcing & Procurement.