Why tourism industry is an important element of the national economy?

Tourism boosts the revenue of the economy, creates thousands of jobs, develops the infrastructures of a country, and plants a sense of cultural exchange between foreigners and citizens. The number of jobs created by tourism in many different areas is significant.

How tourism industry plays an important role in national economy?

Economics of Tourism

The travel and tourism industry is responsible for 6.1 percent of India’s Gross Domestic Product, as of 2011. … This revenue directly impacts the economy, especially in sectors such as hospitality, hotels, construction, handicrafts, horticulture and agriculture.

Why is tourism industry important?

It provides employment to unskilled, semi-skilled and skilled manpower. Guide, load man etc are the personal or labour required in Tourism industry. Tourism industry is the source of income for both public also well as private sector government charges tax, sales tax, service tax etc.

Why tourism is important in economic growth?

By attracting international tourists, tourism contributes significantly to a destination’s economic growth by accumulating foreign exchange earnings, providing employment opportunities, and improving infrastructure, among other reasons.

What is the importance of tourism and hospitality industry in our country?

The tourism industry not only generates revenues for a country and cultural wealth, but it is also one of the most important economic engines for growth and development. Globalization, as well as diplomatic relations among countries, has made traveling increasingly common.

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What is the impact of tourism in our economy?

Export revenues from tourism could fall by $910 billion to $1.2 trillion in 2020. This will have a wider impact and could reduce global GDP by 1.5% to 2.8%. Tourism supports one in 10 jobs and provides livelihoods for many millions more in both developing and developed economies.

How does a tourism industry help to boost up economic condition of a country?

Tourism contributes to the growth of GDP and helps earn foreign exchange, both of which are directly or indirectly linked to employment generation, balance of payments, and poverty alleviation in the country. Tourism is further beneficial since it is regarded as smokeless labour intensive in nature.