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.
What is Tourism?
Feasibility Report on Tourism Project.
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 short-term notice to visit and travel to other places.
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:
- Transportation Sector includes airway, water transport or railway services as well as car rentals and taxis and so on.
- The accommodation sector includes hotels, hostels, motels, Bed & Breakfast, Camping services, cruises, etc.
- The Food & Beverage sector includes bars, restaurants, nightclubs, cafes, etc.
- The entertainment sector includes casinos, tourist guides, shopping, spas, karaoke clubs, and so on.
- Other related businesses like travel agencies, financial service providers, tour operators, etc. with the aforementioned sectors make up the entire tourism industry.
Feasibility Report Sample On Tourism Project
Market Strategy Of Tourism Project
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.
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.
National policies for the growth and promotion of tourism are developed by the ministry of tourism. The Ministry collaborates and consults with other central ministries and agencies, state governments, union territories, and representatives of the corporate sector throughout the process. Specialized tourist goods like rural, cruise, medical, and eco-tourism are being actively promoted. The Incredible India program, which promotes travel to India, is still being run by the ministry of tourism