The Impact of Globalization on the Growth of Tourism and Hospitality Essay

The meeting of globalisation on the Growth of Tourism and Hospitality Industry in India - Essay ExampleIndian tourism and hospitality industry has been poised for a big growth over the last fewer divisions owing to multitudinous factors. Among the various drivers of growth of these celestial spheres as a boost for economic development, globalization and its resultant plea for economy integration of the country with rest of the world is considered to be the key factors. In the light of globalization, the country is forced to keep in track with the needs of the travelers from across the world and get a line amenities and possibilities to make them happy to sustain the development of the industry. Not only in India, tourism and hospitality is the most sought after service that experience an unprecedented growth and development (Bezbaruah 1999). Indeed, globalization has facilitated the sector in a big way and at the same time there might be some threats, social, cultural and econ omic. By virtue of repeated arguments for the liberalization of the economy, India reformed its economic policies in the year 1990 as the first move towards globalization (Bhatia 1995). Since then, there have been many milestones in the service and manufacturing sector that contributed faster economic development than in the past. The globalization of tourism industry and eventual spurt in the hospitality sector has resulted in cross-border delivery of health services for around $140 billion (Chanda 2002). In the first half of the 1990s, hospitality industry has grown at an annual rate of 16% and as of 2007 the total value comes to not less than $34 billion. This is further increased to $34 per capita, or almost 6% of GDP. It is also estimated that by the end of 2012, the country7s hospitality sector is projected to improve to $40 billion (Emerging market report 2007). At this juncture, the present essay is an attempt to highlight the impact of globalisation on the tourism and hos pitality industry. It is understood that globalisation has many dimensions such as economic, socio-cultural, and political and legal. Therefore, he composing mainly focuses on these implications as a result of globalization.A Brief Note on GlobalizationThe term globalization was first used by Thodore Levitt in The Globalization of Markets. He used the term to measure up the vast changes that have taken place over the past two decades in the