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Tourism Project

Tourism Project

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Published by Vinay Singh

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Published by: Vinay Singh on Jul 26, 2010
Copyright:Attribution Non-commercial


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Role of Tourism Industry in Generating Foreign Exchange
Role of Tourism Industry in Generating Foreign Exchange
1.1What is foreign exchange?
Where money from one country is exchanged for that of another. Thesystem by which one currency is exchanged for another; enablesinternational transactions to take place. The Indian foreign exchangereserve position continues to be buoyant with reserves standing atUS$1,35,658 million in the week ending Feb 25,2005.Foreign currency assets were US $ 129844 million, US $ 2,692 higher than previous week's figure. Compared to their last year figure this variation isof the amount US $ 22,699 million, RBI weekly statement reported.Exchange reserves have continued to rise for over some months except for week ended Feb 5, 2005, when it fell marginally to Us $ 1,28, 914 millionfrom previous week's US $ 1,29,720 million
In tourism, when a foreign tourist spends even a rupee, that is consideredas a foreign exchange earning for the country.
1.2History on Tourism.
The first nomad, who wandered with his movable dwelling in search of food and shelter from one place to another, must have been struck by thevariations of ecology. This must have been a pleasant experience for him.The shift from unintended pleasure out of travel to traveling exclusively for  pleasure constitutes the history of tourism, which is closely related toman’s economic growth, cultural and political development. Once the manhad settled on the land or found a place under the sun, which he calledhome, movement from that to any other place brought out the meaning of travel into the open.
Role of Tourism Industry in Generating Foreign Exchange
1.3 On Tourism Industry
Tourism is the largest export industry in the world. International tourism isthe largest single item in the world’s foreign trade and for some countriesit is already the most important export industry and earner of foreignexchange. The impact of tourism on national economies is becomingincreasingly important today because of the growing size of the touristmarket. It is recognized so by the World Bank and the World TourismOrganisation. 27 September has been earmarked as World Tourism Day.Tourism is the world’s largest export industry today. According to WorldTourism Organisation international tourist traffic in 1997 was 613 millionwhich generated receipts of about US$444.0 billion. It is estimated thattourism accounts for about 8 percent of the total world exports and morethan 30 percent of international trade in services. It is also estimated thattravel and tourism provide employment to 212 million peoples directly or indirectly accounting for about 10.7 percent global work force.The travel and tourism sector creates more jobs per million rupees of investment than any other sector of the economy and is capable of  providing employment to a wide spectrum of seekers from the unskilled tothe specialized, even in the remote parts of the country.

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