Hospitality Industry, a Key Contributor of Growing Economy

By Deepshikha Singh, Managing Editor, Consultants Review

The Indian hospitality industry is huge with several niche tourism products. With ‘Athithi Devo Bhava’ being the central theme for Indian hospitality sector, the Indian hospitality industry is one that attracts eyeballs not just from Indian but even from the global players. The growth of the Indian hospitality industry has been one of the revelations of the decade. The expansion is so high that the revenue generated by the hospitality industry makes up to 6.20 percent of the GDP and creates 8.78 percent of the total employment opportunities in the country. The positive economic conditions and the increase in the number of tourists are the major factors that fuelled this growth. The high growth rate and the potential of untapped resources makes this sector appealing for both the Indian and foreign entities. The highly fought over market has frequently seen the rise and fall of many empires and this ultra competitiveness to cement their monopoly in the industry is thus making it even harder for new companies to enter the market.

Hospitality industry has now grown into an economic powerhouse that plays a major role in the development of the country. In today’s economy, the scope and opportunities provided by the sector are unparalleled. Identifying the immense scope that the hospitality sector can provide, many jumped into the role of providing consultancy services for the industry. With the current hospitality sector being ultra-competitive and in order to survive this tight competition, the presence of an expert consultant is very crucial. The Indian hospitality industry has been flourishing over the years, and now it demands for Hospitality Consultancy has also increased in order to mitigate the pain points of hospitality sector. These consulting firms are catering services in order to decrease the risk factors and drawbacks like poor infrastructure facility, online frauds, economic risks, high costs, improper managing skills and many more. Acknowledging the immense scope and opportunity within the hospitality sector, many companies and individuals have also started providing consultancy services to ease the challenges in the industry.

With ‘Athithi Devo Bhava’ being the central theme for Indian hospitality sector, the Indian hospitality industry is one that attracts eyeballs not just from Indian but even from the global players

As per Philip C. Sharma, the Founder of Sharma’s Ideas of Restaurant Services "This hospitality industry is very unique and each hour brings a new challenge. Most of our clients come to us to create a new brand with very low budget. We have to start from scratch with designing the concept, then we will check the feasibility of the locations and conduct a market research to check whether the preferred location is suitable for the business or not. After finalizing the location we have to create a detailed layout and then we need to create a list of the needed equipments according to the menu. By formulating this clear set of solutions we have managed to deliver time after time and with our hard work and dedication we make sure that we will always give the best results for our clients irrespective of the challenges. We have made it our mission to help the clients and make them satisfied with the quality of our services."

Most consultancy firms often fail to provide custom-made solutions to meet the demands of budding businesses. While today’s established brands from this domain find it easier to hire a consultancy firm that helps with their purpose, it is often the smaller and evolving firms that bear the heat.

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