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| | Monday, October 20, 2008, 10:00 Hrs [IST] | Financial Meltdown & Tourism | The tourism industry which recorded a steady growth of 15 to 20 percent in the past few years might face a slowdown in the coming quarters. Global economic crisis and liquidity crunch has seen private operators and hoteliers record a sharp drop in bookings for the coming festive season. Very few players are positive about the future with current fears of recession in the US and European economies. Anita Jain tries to find the take of the industry on the current scenario | |
| | Governments across the world moved on to shore up tottering global banks with multi billion dollar bailouts and Britain called for a new Bretton Woods agreement to reshape the world financial conditions. This is what the current global financial market is going through. Talking about India, recently Jet Airways and Kingfisher Airlines embarked on an extraordinary alliance to work out an operational alliance in a bid to rein in runway losses. With all the unbalanced and unpredictable financial situations in the domestic and global market, almost all the sectors are going through hard times.
The tourism industry on international level, has already started to feel the pinch caused by the global financial turmoil. During these hard times, the spot light is turning on emerging economies like India and China that have till now remained quite spectators and relatively untouched by the current scenario. But the financial instability in the Indian stock exchange market and rupee depreciation are likely to dampen the festive season for tourism this year. | |
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