Feasibility Report on Tourism Project

Tourism can be defined as the basic activity of traveling or touring and includes other related activities that a tourist practices during his journey.

Introduction

Feasibility Report on Tourism Project is as follows.

Tourism covers all those activities that a person practices while moving from his usual residential place on a short-term purpose. Tourism is mainly practiced to get away from the usual social surroundings, for business operations and purposes, leisure, or for other social or personal reasons. Some of the recent developments in the trends of tourism are heritage tourism, eco-tourism, educational tourism, religious tourism, event tourism, water tourism, war tourism, sports tourism, film tourism, virtual tourism among many other captivative trends.

A tourist is a person who performs the activity of traveling and leaving his residential place for a short-term notice to visit and travel to other places. The definition mandates a tourist to stay at the place of travel for at least a day and not more than a year to be declared as a tourist.

The tourism industry shrouds all the businesses that provide the suitable goods, amenities, or services that are essential for a tourist while traveling as well as the services that add to the leisure and comfort of the tourist while touring. Several sectors and businesses constitute the tourism industry, to name a few:

  1. Transportation Sector includes airway, water transport or railway services as well as car rentals and taxis and so on
  2. The accommodation sector includes hotels, hostels, motels, Bed & Breakfast, Camping services, cruises, etc.
  3. The Food & Beverage sector includes bars, restaurants, nightclubs, cafes, etc.
  4. The entertainment sector includes casinos, tourist guides, shopping, spas, karaoke clubs, and so on
  5. Other related businesses like travel agencies, financial service providers, tour operators, etc. with the aforementioned sectors make up the entire tourism industry.

Report Sample

Market Strategy

The travel and tourism industry became one of the largest foreign exchange earners in India, which witnessed an earning of $29.962 billion in 2019 and supported a rough figure of about 39 million jobs. By 2029, the tourism industry is expected to grow at 6.7% to reach almost $35 trillion and would account for 53 million jobs. In 2020, the tourism sector in India only accounted for 39 million jobs. The main boosters for the tourism markets are affordability, travel needs, social and cultural environment, and events, hospitality industry, communication advancements, infrastructure, tourist attractions, and faster transportation services.

At a global level, India stood at third largest in terms of investment inflow which attracted investments worth $45 billion in 2018 and enjoyed a cumulative FDI inflow of $15 billion from the year 2000 to 2020. The foreign tourist arrivals in India decreased from being 10 million in 2019 to almost 2 million in 2020 and the arrivals through e-tourist visas fell from being 2.9 million in 2019 to a mere 0.84 million in 2020.

The global tourism industry has witnessed its own set of misfortunes throughout its existence with its downfall during the economic slowdown (2008-2009), the outbreak of the H1N1 Influenza virus of 2009, and the latest outbreak of the COVID-19. The tourism industry was the industry that fell as one of the most worst-affected victims of the COVID. From the accommodation industry witnessing an 80% occupancy loss to shutting down of various restaurants, casinos, shopping places, and other sectors of the industry, the lockdown made it nearly impossible for the tourism industry to thrive.

However, since the ending of the pandemic lockdown in 2021, the tourism industry and its sectors have started to regain their usual flow. Domestic tourists are forecasted to be the main boosters for the recovery of the tourism industry from the harrowing pandemic lockdown. The Government has also realized the importance of the tourism industry and is in the process of launching schemes and packages that would further aid the recovery of this industry and make India a tourism hub. The Union Government allocated $171 million for the development of tourist circuits under the ‘Swadesh Darshan’ for eight Northeast states and almost $30 million for the development of tourist circuits under the PRASHAD scheme. The Government of India is also looking forward to expanding its e-visa scheme which will attract twice as much tourist inflow.