Economic Impact of Tourism

Impact of tourism on the economy of the country: Tourism emerged as an industry in recent past. This new industry is developing as the biggest industry of the world. And now the technical boom helps tourism to be in the main driving seat of any countries economy. According to the survey of World Tourism Organization tourist movement throughout the world can touch the 1600 million mark within 2020. And that’s why the specialists of this industry think that “it is a new economic phenomenon, a new business, a new industry of vast dimension and magnitude.” The biggest feature of this industry is that it can generate maximum employment opportunity. And it’s simply because of the number of subsidiary industries. Importance of tourism in the countries economy: Tourism is one of the driving force which helps regional development and economic development. The Government of India understood the importance of tourism as an industry in 1980’s. So tourism is a late-started industry in this country. Recent study shows that the globalization and open economy helped tourism to emerge as one of the biggest FOREX earner of this country. It brings the opportunity of infrastructure development. The overall development of any country depends specially on the improvement of road, vehicles, communication, water supply, airports, and railway stations. Economic progress and industry development depends completely on the overall development of country. And tourism plays a major role on this overall infrastructural advancement. Directly and indirectly tourism helps agriculture and other industries. Few examples can show the importance of tourism in Indian economy. 1) Tourism industry can generate 5 million job opportunity. 2) Foreign tourists buy handicrafts of almost of one thousand crore Rs. in a year. 3) Total income from this smoke-less industry in this country is almost 20000 crore Rs. and that is again without any factory. 4) Regions like Aurangabad in Maharastra, Khajuraho in MP, Jammu & Kashmir, Raghurajpur in Orissa etc emerged with the help of tourism only.