Strategies of Financing in the Tourism Industry

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1 International Multidisciplinary e-journal ISSN Strategies of Financing in the Tourism Industry Prof. Sachin K. Jadhav SSVPS s Arts, Commerce and Science College, Shindkheda, Tal:- Shindkheda, Dist- Dhule NMU, Jalgaon (Maharashtra) id:- jadhavsk@india.com, mobile: , Abstract The tourism sector creates more jobs per million rupees of investment than any other sector of our economy and is capable of providing employment to a wide spectrum of job seekers from the unskilled to the specialized, even in the remote parts of the country. Tourism appears to many developing countries a promising source of economic development. Adventure tourism, given its emphasis on pure and pristine natural environments, lower barriers to entry for small business, and frequently reduced requirements for new construction in particular, is promising for countries with lower levels of capital investment and existing infrastructure. The effects of tourism are often compared to that of fire: it can cook our food and heat our home, but it can also burn the house down. Tourism provides employment and income opportunities and can finance protected areas and raise awareness of visitors and hosts, and often has fewer environmental impacts than other industry sectors. On the other hand, it consumes significant amounts of natural resources and can degrade ecosystems, may raise the cost of living for local people, may degrade local culture and sell it as a commodity, and its revenues may flow out of the destination with few local benefits. This paper contains some sources of Tourism Financing, opportunities & challenges in front of Tourism Industry and some recommendation for improving the finance source of such industry. Keywords: Strategies of Financing in the Tourism Industry Introduction:- Defining the tourist industry is difficult. It is not an industry that is grouped into a single heading within the Standard Industrial Classification (SIC). The defining feature of tourism is not the product, but the purchaser, the tourist. Most definitions concentrate on the services that a number of different industries, such as the travel industry; hotels and catering; Page 6

2 retailing and entertainment provide to tourists. The internationally agreed definition of tourism says that: Tourism comprises the activities of persons travelling to and staying places outside their usual environment for not more than one consecutive year for leisure, business and other purposes. Tourism in India:- In India tourism sector is share 0.8% share of world market. If we consider tourists visited in 2005 from by way of Tourists then, International 3.97, million 367 million (domestic). As per as employment point if view, then it provide direct employment million, and indirect employment 24.4 million people. Export earnings from tourism US $ 9.6 in And the total contribution to GDP Direct 2% Overall 5.3%. India receives the largest number of overseas tourists from the United Kingdom, which is its largest source market, followed by the United States, Sri Lanka, France, Germany, Canada, Japan, Australia and Singapore. Of the tourists coming to India, 27.5 per cent are in the age group of years, 23.4 per cent in the age group of years and 20.8 per cent in the age group of years. Women constitute only 30.5 per cent of India s total international arrivals. Repeat visitors account for 44.9 per cent of the overseas visitors. A substantial number of these may be non-resident Indians, as hotel reservations do not correspond to the number of international arrivals in the country. The average length of stay of foreign tourists in the country in 1998 was 31.2 days. Domestic tourism, on the other hand, is largely pilgrimageoriented and requires improvement in travel facilities and pilgrim destinations. Tourism Financing based on Market Segmentation:- The financing of tourism according to market segmentation is based on the following factors. 1. Socioeconomic Segmentation 2. Demographic Segmentation 3. Product Related Segmentation 4. Psychographic Segmentation 5. Geographic Segmentation 6. Use Frequency/Seasonality Segmentation Some Sources of Tourism Financing:- Individual Investors and Entrepreneurs Domestic Financial Institutions Banks, Credit Unions, Trust Funds Page 7

3 International Financial Institutions (IFIs) The World Bank/IMF (Tourism Projects Department, ), the African Development Bank, International Finance Corporation (IFC) private sector investment, technical assistance & advice, loan & equity finance for business ventures in developing countries (SMEs, SEF). Research & Development Institutions/Organizations - UNDP Travel & Tourism Companies/Businesses Transportation, Lodging, Food and Beverage, Attractions, Entertainment, Artisans Tourism Organizations: UNWTO, WTTC, ICAO, IATA, PCMA, MPI Bilateral and Multilateral Assistance USAID, CIDA, DFID-UK., MIGA Local Governments - Regional, Municipal, etc. National Government/Policy Problems:- 1) Decreased access to natural resources for the local communities and environmental degradation:- Tourism is not, as many people assert, a clean and non-polluting industry. A major problem is the lack of a common understanding of what sustainable tourism or ecotourism means. This ambiguity leads to violations of environmental regulations and standards. Hence, the environmental problems evolving from tourism are manifold. First of all, the tourism industry is very resource and land intensive. Consequently, the interest of the tourism sector will often be in conflict with local resource and land use practices. The introduction of tourism will imply an increased stress on resources available. An influx of tourists into the area will lead to a competition for resources. Employees working at the tourist sites compound this competition. Almost as a rule, tourists are supplied at the expense of the local population. 2) Increasing cultural erosion and disrespect for human rights:- Tourism is a powerful agent of change. International tourism acts as a catalyst for the transition from traditional ways of life to so-called modern, Western forms of society. Accordingly, tourism often brings with it the introduction of new behavior trends and norms. Very often, these are contrary to traditional norms existing in the host community, and can come into conflict with its cultural identity and threaten the traditional value systems there. The problem is that the investors seem to have a lack of cultural understanding of the Page 8

4 invested society. There is a need for an increased awareness that establishment of new hotels etc. will have its consequences on the society and the people who live in it. 3) Unqualified jobs and foreign exchange leakage:- The tourism industry is characterized by a high degree of monopoly, which implies a concentration of services and profits into very few big transnational corporations. In many countries, tourism facilities mostly belong to foreigners. Furthermore, in local host communities in many countries a relatively small number of people are involved in the tourism industry in host communities in many developing countries. Very often, there is a lack of qualified manpower in the locality. Hence, most employees are recruited form the big cities, neighboring countries or even from the country of origin of the investors. Solutions:- 1) General recommendations and possible solutions which concern all three problem areas Empowerment of residents at tourist destinations, through local participation, may be facilitated by providing written and legally binding contracts between local people and tourism investors. The contracts will help to avoid broken promises, which too many examples and previous experience prove to be a huge problem. In addition to the mentioned examples (providing proper information for tourists and establishing training programmes for residents), the tourism industry, through for instance the WTTC or the WTO with NGOs in the selection panels, could issue awards especially for sustainable tourism projects as an encouragement for investors. 2) Consumer behavior can and must be influenced by: Fighting unsustainable forms and aspects of tourism, at the various levels, by sanctioning unacceptable behavior and discouraging inappropriate consumer behavior. Promoting responsible and sustainable patterns of behavior, at the various levels, by promoting best practices and encouraging responsible consumer behavior. There are different types of instruments and remedial measures available: Legal measures (rules, regulations, and sanctions); Market based instruments, such as taxes to influence market prices; Promotion of and (financial) support for best practice; Industry self-monitoring/codes of conduct; Information, education and research. Page 9

5 3) In order for tourism to become a sustainable industry, countries, states, regions, and individuals must work with new technology, natural resource management and marketing concepts. Ideally, participatory planning and implementation will be a part of Local Agenda 21 processes. To ensure community involvement and to safeguard local cultures, sustainable tourism development should therefore involve all stakeholders in tourism development at all appropriate levels, facilitate the development of tourism services that are planned, managed and reviewed by the host community in Local Agenda 21 processes. This will also ensure that tourism revenue stays in the host communities to enhance livelihoods and generate a profitable source of income, empower and motivate local groups to direct cross-cultural exchange in the way they wish and adopt practices which conserve, protect and preserve the environment. Tourism Industry Action 1) Promote sustainable tourism products, using market related instruments and incentives, such as contests, awards, certification, model projects, culturally sensitive quality labels covering both environmental and social sustainability; 2) Reduce inappropriate consumption, use local resources in preference to imports in a sustainable manner; reduce and recycle waste, ensure safe waste disposal, develop and implement sustainable transport policies and systems, e.g. efficient public transport, walking, cycling in destinations; 3) Provide tourists with authentic information, enabling them to understand all environmental and related aspects (e.g. human rights situation) of tourism when selecting any destination or holiday package; educate visitors in advance of arrival and give guidance on 'dos' and 'don'ts'; make tourists aware of their potential impact on and their responsibilities towards host societies; 4) Provide information on respecting the cultural and natural heritage of destination areas; employ tour guides who portray societies honestly and dispel stereotypes; 5) Ensure that the marketing of 'green' tourism reflects sound environmental policy and practice; use non-exploitative marketing strategies that respect people, communities and environments of destinations, dismantle stereotyping, integrate sustainable tourism principles when creating new marketing strategies; 6) Train staff to foster tourist responsibility towards the destinations, encourage multi-cultural education and exchange; Page 10

6 7) Actively discourage exploitative sex tourism, particularly sexual exploitation of children, and tourism which causes or contributes to social problems; 8) Adopt, observe, implement and promote codes of conduct. Conclusion:- Tourism is a rapidly growing phenomenon and has become one of the largest industries in the world. The impact of tourism is extremely varied. On one hand, it plays an important and certainly positive role in the socio-economic and political development in destination countries by, for instance, offering new employment opportunities. Also, in certain instances, it may contribute to a broader cultural understanding by creating awareness, respecting the diversity of cultures and ways of life. On the other hand, as a tool to create jobs, it has not fulfilled its expectations. At the same time, complaints from tourist destinations concerning massive negative impacts upon environment, culture and residents ways of life have given rise to a demand for a more sustainable development in tourism. Different parties will have to be involved in the process of developing sustainable tourism. References: 1) Sustainable tourism: A non-governmental organization perspective prepared by the UNCSD NGO Steering Committee 2) Chapter Tourism 3) Access to Finance in the Tourism Industry Dr. Edward Addo, Tourism Studies Department Euro stat, Community methodology on tourism statistics, ) Sector Development Strategy Tourism Infrastructure August Page 11

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