chapter  15
Entrepreneurship in Indian Hotel Industry: Financial and Strategic Perspective
Pages 36

Hotels are tourism’s major component. They account for half the tourism earnings, of more than Rs 12,000 crores (approximately $2,964,426,877 [U.S.]) in the foreign exchange market, and ninety percent of investments (The Hindu, 1998). The tourism sector in India has the potential of creating employment opportunities for 3,845,000 jobs between 2004-2013 (WTTC, 2007). Tourism is one of the biggest employment-generating industries in India, with a capacity to absorb an additional investment to the tune of $10 billion (U.S.). As stated in the Preface, according to the World Travel and Tourism Council (WTTC), tourism accounted for 10.6 percent of global gross domestic product, 12.0 percent of the total world exports, and 8.3 percent of global employment in the year 2005 (Ministry of Finance, 2007).