Role of ICT And Tourism in Economic Growth of India

Role of ICT And Tourism in Economic Growth of India

Surender Kumar (Jaipuria Institute of Management, Noida, India), Karuna Chauhan (H.P.U. Shimla, Shimla, India) and Abhay Kumar Srivastava (Jaipuria Institute of Management, Lucknow, India)
DOI: 10.4018/IJTHMDA.2017010101
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Abstract

Tourism is being seen as an opportunity for the economic growth of developing economies as its demand is still growing. Over the years, tourism mediation has experienced major changes, including the arrival of the Internet and the application of Information and Communication Technologies (ICTs). This paper will investigates the relationship of ICT, tourism and growth of India by employing the cointegration, error correction models and Granger causality tests using annual data for last two decades. Major focus is to test the existence of long-term equilibrium relationship between international tourism, ICT and economic growth. In the Indian economy, it seems that tourism is led by economic growth and we are not able transform our strength in ICT to the expected level. In this study, we have made our efforts to highlight the ability of tourism, which can be made as leading factor to influence GDP through optimum use of ICT.
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Introduction

These days tourism is one of the growing and important contributors to the economy of any country whether developing or developed. This industry has become key driver to attain sustainable socio-economic development as well as source of revenue and employment for many developing countries. During last couple of decades, tourism industry has seen considerable improvement. It has turned into a really worldwide monetary movement. It is one of the world's biggest commercial ventures, or financial segments, contributing trillions of dollars every year to the worldwide economy, creating jobs and wealth, generating exports, boosting taxes and stimulating capital investment. Yet at the same time have far to go to convey the desired information obviously to all stakeholders. Tourism is one of the biggest and fast developing areas in the world. The role of tourism to the financial development and to the advancement of cutting edge social orders has turned into a typical mindfulness in political powers around the world. Tourism has become monetary action of essential worth and is being acknowledged in the same way. Tourism utilization straightforwardly fortifies the advancement of such customary commercial enterprises as civil aviation, railway, highway, commerce, food and accommodation. A general agreement has developed that it increments remote trade pay, as well as makes business opportunities, fortifies the development of the tourism business and by temperance of this, triggers general financial development. In that capacity, tourism advancement has turned into a vital focus for most governments. The advancement of tourism industry will add to a nation's financial development. It is presently considered as an effective apparatus for advancing monetary development of the host nation.

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