Impact of Global Financial Crisis on Hospitality Sector Based in Mumbai Region
Impact of Global Financial Crisis on Hospitality Sector Based in Mumbai Region
Oshma Rosette Pinto Assistant Professor, Pillai Institute of Management Studies and Research, New Panvel Navi Mumbai E-mail: pinto.rosette@gmail.com
ABSTRACT The Global financial crisis from 2005 to the present is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It was triggered by a liquidity shortfall in the United States Banking system which resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In India, the global financial crisis badly impacted the Indian tourism and hotel sector that resulted in decline in the number of foreign tourists, decline of Foreign Direct Investment Inflows and affected the gross domestic product of India. The study is related with the Impact of Global Financial Crisis on Hospitality Sector based in Mumbai region, Mumbai region will include, Mumbai, Thane and Navi-Mumbai based Hospitality industries. The primary data is collected through interview method. The questionnaire is chosen as resource to collect the information. The secondary data is collected through various magazines, journals, scholarly articles, research papers and various authentic websites of various Hospitality industries. The paper attempts to analyse the impact of global recession on Hospitality sector in India especially Tourism and Hotel Industry in the country. Further the paper focuses on the challenges faced and opportunities that can be availed during and after global financial crisis.
Keywords: Challenges, Opportunities, Foreign direct investment, Foreign tourist inflows, Gross domestic product.
INTRODUCTION The Hotel industry is linked to the tourism industry which forms the most important support service that affects the Foreign Tourist Arrivals to any Country. In recent years many international hotel chains like
Oshma Rosette Pinto Assistant Professor, Pillai Institute of Management Studies and Research, New Panvel Navi Mumbai E-mail: pinto.rosette@gmail.com
ABSTRACT The Global financial crisis from 2005 to the present is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It was triggered by a liquidity shortfall in the United States Banking system which resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In India, the global financial crisis badly impacted the Indian tourism and hotel sector that resulted in decline in the number of foreign tourists, decline of Foreign Direct Investment Inflows and affected the gross domestic product of India. The study is related with the Impact of Global Financial Crisis on Hospitality Sector based in Mumbai region, Mumbai region will include, Mumbai, Thane and Navi-Mumbai based Hospitality industries. The primary data is collected through interview method. The questionnaire is chosen as resource to collect the information. The secondary data is collected through various magazines, journals, scholarly articles, research papers and various authentic websites of various Hospitality industries. The paper attempts to analyse the impact of global recession on Hospitality sector in India especially Tourism and Hotel Industry in the country. Further the paper focuses on the challenges faced and opportunities that can be availed during and after global financial crisis.
Keywords: Challenges, Opportunities, Foreign direct investment, Foreign tourist inflows, Gross domestic product.
INTRODUCTION The Hotel industry is linked to the tourism industry which forms the most important support service that affects the Foreign Tourist Arrivals to any Country. In recent years many international hotel chains like
References: I. Journals and Magazines 1. Batra G.S., Tourism in the 21st century, (1996) Anmol publications Pvt. Ltd 2. Dirk William velde and Swapna Niar, (2005), Foreign Direct Investment, service trade negotiations and development -Federation of Hotels & Restaurants Association of India ltd, Govt. to review FDI in Tourism Sector, News and Features, New Delhi, February 13, (2007), Investment opportunities in Tourism Sector, Government of India portal Investment Commission. VOLUME NO.1, ISSUE NO.2 ISSN 2277-1182 9 ABHINAV NATIONAL MONTHLY REFEREED JOURNAL OF REASEARCH IN ARTS & EDUCATION www.abhinavjournal.com 3. Manpower recruitment in Hotel industry, A market plus report of Ministry of tourism, Government of India. 4. Meyer, D, Foreign Direct Investment in Tourism - The Development Dimension - Expert Advisory Committee (2005- 2006). Funded by United Nations Conference on Trade and Development, Geneva, Switzerland. 5. Usha C.V. Haley, (2001), Tourism and FDI in Vietnam, Haworth Press, pp 67-90 6. Conference on Tourism in India – Challenges Ahead, 15-17 May 2008, IIMK 109 II. Websites 1. www.fhrai.com, 2. http://www.investmentcommission.in/tourism.html 3. http://tourismindia.com 4. www.sarkaritel.com 5. www.ar-khil.com 6. www. Ihcl.com 7. www.theleela.com VOLUME NO.1, ISSUE NO.2 10 ISSN 2277-1182