NAME
COURSE
SUBJECT
: K.SATHEESH KUMAR
: I BA TOURISM AND TRAVEL MANAGEMENT
: ECONOMICS OF TOURISM
UNIT-I
PART-A
1) ............... is basically a movement of people, a demand force rather than a
Single industry.(Tourism)
2) AIEST stands for................... (International Association of Scientific
Experts in Tourism
3) Tourism promotes international understanding and gives support
to................... and ..............(local handicrafts and cultural activities)
Question and Answer
1) What is the meaning of tourism?
There are a number of definitions which all basically aim to distinguish the
temporary visitor and his expenditure from the residents’ economic
Behaviour and impact.
Tourism is the sum of the phenomena and relationships arising from the
travel and stay of non-residents, in so far as they do not lead to permanent
residence and are not connected with any earning activity.
2) Travel through ages?
Wealthy people have always traveled to distant parts of the world, to see
great buildings, works of art, learn new languages, experience new
cultures and to taste different cuisines. Long ago, at the time of
the Roman Republic, places such as Baiae were popular coastal resorts
for the rich. The word tourist was used by 1772 and tourism by 1811. In
1936, the League of Nations defined foreign tourist as "someone
traveling abroad for at least twenty-four hours". Its successor, the United
Nations, amended this definition in 1945, by including a maximum stay
of six months.
Leisure travel was associated with the Industrial Revolution in
the United Kingdom – the first European country to promote leisure
time to the increasing industrial population. Initially, this applied to the
owners of the machinery of production, the economic oligarchy, the
factory owners and the traders. These comprised the new middle
class. Cox & Kings was the first official travel company to be formed in
1758.
The British origin of this new industry is reflected in many place names.
In Nice, France, one of the first and best-established holiday resorts on the French
Riviera, the long esplanade along the seafront is known to this day as
the Promenade des Anglais; in many other historic resorts incontinental
Europe, old, well-established palace hotels have names like the Hotel
Bristol, the Hotel Carlton or the Hotel Majestic – reflecting the dominance
of English customers.
3) Measurement of tourism?
The measurement of tourism and related statistical practices involves (a)
concept and definitions, and (b) uses and users of travel statistics,
categories of statistics, methods and sources of information.
Tourism is basically a movement of people, a demand force rather than
a single industry. Originally in the English language tourists were referred
toas travellers, as mentioned earlier. In recent years tourism has become
the all-embracing term, describing the movement of people away from
their place of permanent residence for a temporary stay in a different
location.
4) How to employment generation in tourism?
Tourism has emerged as an instrument for employment generation,
poverty alleviation and sustainable human development. Tourism promotes
international understanding and gives support to local handicrafts and cultural
activities. It is an important segment of the country's economy, specially in
terms of its contribution towards foreign exchange earnings, generation of
additional income and creation of employment opportunities. The foreign
exchange earnings from tourism during the year 2000 were estimated at
about Rs. 14,408 crores with an estimated direct employment of about 15
million, which is about 2.4% of the total labour force of the country. Tourism is
the third largest foreign exchange earner for India. The International tourist
traffic in the country is estimated to be 2.64 million during the year 2000.
However, according to the World Tourism Organisation (WTO), India's share
in world tourism arrivals is only 0.38%, accounting for 0.62% of the world
tourist receipts. This indicates that much of the tourist potential is yet to be
tapped.
With rapid advances in Science & Technology, tourism has acquired
the status of an industry in all industrialised countries. The high influx of
foreign tourist traffic has accelerated demand for certain economic production
and distribution activities. Tourism has emerged as an industry next in
importance only to Information Technology industry in the Services sector. By
2005, the contribution of Tourism to the world economy will be doubled. The
economic liberalisation in India and consequent foreign investment
opportunities, development of tourist facilities including expansion in air-line
services, etc. provide an impetus for a spurt in tourist arrivals as in South
Asian regions.
Domestic tourism plays a vital role in achieving the national objectives
of promoting social and cultural cohesion and national integration. Its
contribution to generation of employment is very high. With the increase in
income levels and emergence of a powerful middle class, the potential for
domestic tourism has grown substantially during the last few years.
Realising the importance of tourism, the Government of Tamil Nadu
has accorded high priority to tourism promotion and has taken initiatives to
improve/ create infrastructure in tourism potential centres and geared to
encourage private sector investment in this regard.
UNIT II
PART-A
1) ............... is organising the future (Inskeep Edward, Tourism Planning,
1991), which is, thus, based on a strong element of
predictability.(Planning)
2) BOP stands for................. (Balance of payments)
PART-B
1) Explain Basic travel motivators?
curiosity, fear, rejection, adventure, passion, employment, education, relaxation,
rest, reunion, love, hate, boredom, frustration, obsession, break, genealogy,
interests, money, sports, music, art, architecture, religion, weather.
In it’s broadest definition, planning is managing and envisioning today for a
better tomorrow.
2) Define Tourism planning?
Planning is organising the future (Inskeep Edward, Tourism Planning, 1991),
which is, thus, based on a strong element of predictability. Different experts
have tried to define tourism planning with different prespectives.
D. Getz (Tourism, 1987) defines tourism planning as: “A process, based on
research and evaluation, which seeks to optimize the potential contribution of
tourism to human welfare and environmental quality.”
According to Hall (1970), “Planning is concerned with anticipating and
regulating chan ge in a system, to promote orderly development so as to
increase the social, economic and environmental benefits of the development
process. To do this, planning becomes “an ordered sequence of operations,
designed to lead to the achievement of either a single goal or to a
balance between several goals.”
Though there are several definitions of planning, but the one that is useful for
the management of tourism is:
“Planning is the process of preparing a set of decisions for action in the future,
directed at achieving goals by preferable means.” (Faludi, 1973)
3) Define Tourism-organising system
4) Define Tourism organization structure
UNIT-III
PART-A
1) The two principal parts of the BOP accounts are the .............and the
................. (current account) and (capital account)
2) The exchange rates are essential...................( macroeconomic variables)
PART-B
1) Foreign exchange and balance of payment
Balance of payments (BOP) accounts are an accounting record of all monetary
transactions between a country and the rest of the world.[1] These transactions
include payments for the country's exports and imports of goods, services,
financial capital, and financial transfers. The BOP accounts summarize
international transactions for a specific period, usually a year, and are prepared
in a single currency, typically the domestic currency for the country concerned.
Sources of funds for a nation, such as exports or the receipts of loans and
investments, are recorded as positive or surplus items. Uses of funds, such as for
imports or to invest in foreign countries, are recorded as negative or deficit
items.
When all components of the BOP accounts are included they must sum to zero
with no overall surplus or deficit. For example, if a country is importing more
than it exports, its trade balance will be in deficit, but the shortfall will have to
be counter-balanced in other ways – such as by funds earned from its foreign
investments, by running down central bank reserves or by receiving loans from
other countries.
While the overall BOP accounts will always balance when all types of payments
are included, imbalances are possible on individual elements of the BOP, such
as the current account, the capital account excluding the central bank's reserve
account, or the sum of the two. Imbalances in the latter sum can result in surplus
countries accumulating wealth, while deficit nations become increasingly
indebted. The term "balance of payments" often refers to this sum: a country's
balance of payments is said to be in surplus (equivalently, the balance of
payments is positive) by a certain amount if sources of funds (such as export
goods sold and bonds sold) exceed uses of funds (such as paying for imported
goods and paying for foreign bonds purchased) by that amount. There is said to
be a balance of payments deficit (the balance of payments is said to be negative)
if the former are less than the latter.
Under a fixed exchange rate system, the central bank accommodates those flows
by buying up any net inflow of funds into the country or by providing foreign
currency funds to the foreign exchange market to match any international
outflow of funds, thus preventing the funds flows from affecting the exchange
rate between the country's currency and other currencies. Then the net change
per year in the central bank's foreign exchange reserves is sometimes called the
balance of payments surplus or deficit. Alternatives to a fixed exchange rate
system include a managed float where some changes of exchange rates are
allowed, or at the other extreme a purely floating exchange rate (also known as
a purely flexible exchange rate). With a pure float the central bank does not
intervene at all to protect or devalue its currency, allowing the rate to be set by
the market, and the central bank's foreign exchange reserves do not change.
Historically there have been different approaches to the question of how or even
whether to eliminate current account or trade imbalances. With record trade
imbalances held up as one of the contributing factors to the financial crisis of
2007–2010, plans to address global imbalances have been high on the agenda of
policy makers since 2009.
The two principal parts of the BOP accounts are the current account and the
capital account.
The current account shows the net amount a country is earning if it is in
surplus, or spending if it is in deficit. It is the sum of the balance of trade (net
earnings on exports minus payments for imports), factor income (earnings on
foreign investments minus payments made to foreign investors) and cash
transfers. It is called the current account as it covers transactions in the "here
and now" - those that don't give rise to future claims.[2]
The capital account records the net change in ownership of foreign assets. It
includes the reserve account (the foreign exchange market operations of a
nation's central bank), along with loans and investments between the country
and the rest of world (but not the future regular repayments/dividends that the
loans and investments yield; those are earnings and will be recorded in the
current account). The term "capital account" is also used in the narrower sense
that excludes central bank foreign exchange market operations: Sometimes the
reserve account is classified as "below the line" and so not reported as part of
the capital account.[3]
Expressed with the broader meaning for the capital account, the BOP identity
assumes that any current account surplus will be balanced by a capital account
deficit of equal size - or alternatively a current account deficit will be balanced
by a corresponding capital account surplus:
The balancing item, which may be positive or negative, is simply an amount
that accounts for any statistical errors and assures that the current and capital
accounts sum to zero. By the principles of double entry accounting, an entry
in the current account gives rise to an entry in the capital account, and in
aggregate the two accounts automatically balance. A balance isn't always
reflected in reported figures for the current and capital accounts, which
might, for example, report a surplus for both accounts, but when this
happens it always means something has been missed—most commonly, the
operations of the country's central bank—and what has been missed is
recorded in the statistical discrepancy term (the balancing item).
An actual balance sheet will typically have numerous sub headings under the
principal divisions. For example, entries under Current account might
include:


Trade – buying and selling of goods and services
o Exports – a credit entry
o Imports – a debit entry
 Trade balance – the sum of Exports and Imports
Factor income – repayments and dividends from loans and investments
o Factor earnings – a credit entry
o Factor payments – a debit entry
 Factor income balance – the sum of earnings and payments.
Especially in older balance sheets, a common division was between visible
and invisible entries. Visible trade recorded imports and exports of physical
goods (entries for trade in physical goods excluding services is now often
called the merchandise balance). Invisible trade would record international
buying and selling of services, and sometimes would be grouped with
transfer and factor income as invisible earnings
The term "balance of payments surplus" (or deficit — a deficit is simply a
negative surplus) refers to the sum of the surpluses in the current account
and the narrowly defined capital account (excluding changes in central bank
reserves). Denoting the balance of payments surplus as BOP surplus, the
relevant identity is
Variations in the use of term "balance of payments"
Economics writer J. Orlin Grabbe warns the term balance of payments
can be a source of misunderstanding due to divergent expectations about
what the term denotes. Grabbe says the term is sometimes misused by
people who aren't aware of the accepted meaning, not only in general
conversation but in financial publications and the economic literature
A common source of confusion arises from whether or not the reserve
account entry, part of the capital account, is included in the BOP
accounts. The reserve account records the activity of the nation's central
bank. If it is excluded, the BOP can be in surplus (which implies the
central bank is building up foreign exchange reserves) or in deficit
(which implies the central bank is running down its reserves or
borrowing from abroad
The term "balance of payments" is sometimes misused by noneconomists to mean just relatively narrow parts of the BOP such as the
trade deficit,[3] which means excluding parts of the current account and
the entire capital account.
Another cause of confusion is the different naming conventions in use.[4]
Before 1973 there was no standard way to break down the BOP sheet,
with the separation into invisible and visible payments sometimes being
the principal divisions. The IMF have their own standards for BOP
accounting which is equivalent to the standard definition but uses
different nomenclature, in particular with respect to the meaning given to
the term capital account.
2) Define Inflation and rate of exchange.
Inflation and exchange rates, both determine, if a nation is likely to be
economically stable or not. For several years, exchange rates have caused much
debate and different opinions were expressed with regard to exchange rates.
Inflation and its effects on exchange rates can also be ascertained from the
following facts. In earlier days, it was suggested by a majority of the economists
to peg a particular currency or to dollarize currency of a country. Nations
(emerging countries) were used to having a fixed type of exchange rate. Every
effort was made to keep the exchange rate fixed because a floating exchange
rate was feared to cause inconvenience in trading. With the advent of the
concept of “inflation targeting” and exchange rates, which are flexible, the
scenario has changed. More and more countries are moving away from the fixed
exchange rates. This transition is taking place, when most of the nations are
adopting inflation targeting as a means of conducting various monetary policies.
In many countries, the nominal exchange rate was used as a means to bring
down inflation.
Inflation and exchange rates- value of currency:
The exchange rates are essential macroeconomic variables. It affects inflation,
trade (imports and exports) and various other economic activities of a nation. If
the rate of inflation remains low for a considerable period of time, the value of
currency rises. This occurs due to increase in the purchasing power.
Switzerland, Japan and Germany were three countries, the inflation rates of,
which were low during the late twentieth century. Other countries to follow suit
were Canada and United States of America. The countries, having higher rates
of inflation observed depreciation in their currency. On the other hand,
countries with low rates of inflation did not observe this trend at least for the
time being. In the event when a nation is aware of a possible rise in inflation, it
can take measures accordingly. Exchange rates may also be affected by the type
of inflation prevailing in the economy. Inflation may be:
Cost push inflation
Demand pull inflation
We discover a close association between inflation and exchange rates, which
affect almost all sectors of the economy.
UNIT-IV
PART-A
1) ………..(Conflict) is a natural part of working in groups, because
different people have different ideas and viewpoints
2) Individuals can set ...................(personal goals)
PART-B
Dynamic Leadership Essential Four
Dynamic leaders know that conflict is a natural part of working in groups.
They learn and practice
effective strategies for managing conflict, including ways to:
• Manage their own emotions
• Address their own conflicts
• Address others' conflicts
• Practice assertiveness
• Aid negotiation
• Promote mediation.
Leadership Achievement
Dealing with Conflict
Conflict is a natural part of working in groups, because different people have
different ideas and viewpoints. Sooner or later, every leader will have to deal
with a conflict between two or more people.
What matters is how the leader and group members address the conflict.
Dynamic leaders know that
conflict usually doesn't go away by itself. It may seem to disappear, but then it
pops up again in an unexpected place or time. Dynamic leader’s help members
learn to:
• Practice "cooling off" before speaking
• Reverse roles to see the other person's point of view
• Realize it's only fair for both parties to tell their side of the story
• Look at conflicts as problems, and then solve them together
• Ask for help if they cannot resolve the conflict.
Manage Conflict for Leadership Achievement
You can be a dynamic leader who deals with conflict in positive ways. By
learning to handle your own
conflicts well, you can be a role model and guide other young people to healthy
conflict management.
Conflict Management Projects for Leadership Achievement
Here are 10 things you can do to build conflict management skills. See how
many you can complete.
Ask your adviser about earning recognition for your conflict management
projects.
• Develop and present lessons to teach elementary children to handle their anger
in appropriate
ways. Send them home with a flyer that shares the same tips with parents.
Optional: Develop
this activity into a STAR Events project.
• Volunteer to help present an antiviolence program in your school or
community. Refer to the STOP the Violence materials for good ideas and
resources on this topic. Recruit fellow Family and Consumer Sciences students
to help. Write a news release about your involvement.
• Lead an activity in your Family and Consumer Sciences class. Ask all students
to write three different kinds of conflicts on slips of paper. These might be
conflicts within themselves, in families, the school, the community, or world.
Put all the slips into a bowl. Divide the group into smaller teams. Have each
team draw one conflict slip. For each conflict, the team must identify the
problem, think of as many solutions as possible and try to choose one that
would work. Ask teams to share their ideas with the rest of the class. Discuss
tips for managing conflict.
• Write a set of "ground rules" members will follow when dealing with conflict
in your FCCLA
Chapter. Ask members to adopt and sign a pact to follow the ground rules.
• Set a goal to handle your own anger better. Find anger management tips in
books and videos.
Practice the tips for two weeks. Report to your FCCLA adviser about what you
learn. Optional:
Create a Power of One "A Better You" project with this activity.
• Write a skit that shows young people how to use "I" messages and active
listening during conflicts. Videotape the skit and have it shown on the school's
TV system.
• Sometimes conflict occurs when people don't understand their own emotions
or what other people are feeling. Ask family members to complete a game of
"emotion charades" with you.
Prepare slips of paper with the names of many kinds of emotions or feelings
(anger, joy, fear, worry, warmth, stress, etc.) Each family member draws one of
the slips, then acts out that emotion without words. Others guess the emotion
being shown. After the emotion has been guessed, family members each
describe a time he or she has felt that way in the past 10 days.
Talk with your family about how emotions affect the ways you interact and the
conflicts you
experience.
• Stress often leads to conflict. Research how to manage stress, then write a
series of school
newspaper articles to share the information with other students.
• Find out what help is available for young people who can't resolve their own
conflicts.
Information and support might be offered by school guidance services, peer
mediation
programs, worship communities, student organizations, community-based
groups, and others.
Create and distribute a flyer telling peers where they can find help with
conflicts.
• Participate in a class or student organization debate. Tell your adviser what
you learn about
considering all "sides" of an issue or conflict.
Key Elements of Conflict Management
• Self-Understanding. Before you can lead others through conflict, you need to
understand your own emotions and reactions. Recognize the "triggers" that
provoke an emotional response.
Once you know what sets you off, learn how to address your emotions and
needs without hurting others. Practice settling arguments by talking it out,
working it out, or walking away until the issue can be calmly addressed.
• Assertiveness. Learn to be an assertive, not aggressive, leader. Assertiveness
involves being strong without being mean. Learn to express your needs and
point of view forcefully, but without putting down the other person or that
person's feelings.
• Problem-Solving Skills. Help others approach conflicts with a problemsolving mindset. Most
conflicts involve both what people say they disagree about and underlying
issues in their
relationship. Help them separate out the real problem. Once people recognize a
problem that
can be solved, they may realize they don't have to like each other to work out a
solution. (Use the Problem Solving for Leaders essential in Dynamic
Leadership to polish your own problem-solving skills.)
• Mediation. As a dynamic leader, you may be called on to be a mediator;
"invited guest" in a dispute. The mediator's role is to help people in conflict talk
with each other, without taking sides or giving a solution. Learn mediation
basics so you can lead members through conflict.
• Give Peace a Chance. Use your dynamic leadership abilities to create
cooperative, supportive interactions in the groups you lead. Make it clear that
you consider everyone's participation
"In the middle of difficulty lies opportunity." –Albert Einstein
Manage Conflict for Leadership Excellence
You can be a dynamic leader who excels in conflict management. Conflict
management skills make
you a strong leader and contribute to self-understanding and success in all areas
of life. Undertake a
Dynamic Leadership project that showcases your skills in:
• Managing your emotions
• Addressing your own conflicts
• Addressing others' conflicts
• Assertiveness
• Negotiation
• Mediation
The Decision‐Making Process
Quite literally, organizations operate by people making decisions. A manager
plans, organizes, staffs, leads, and controls her team by executing decisions. The
effectiveness and quality of those decisions determine how successful a
manager will be.
Managers are constantly called upon to make decisions in order to solve
problems. Decision making and problem solving are ongoing processes of
evaluating situations or problems, considering alternatives, making choices, and
following them up with the necessary actions. Sometimes the decision-making
process is extremely short, and mental reflection is essentially instantaneous. In
other situations, the process can drag on for weeks or even months. The entire
decision-making process is dependent upon the right information being
available to the right people at the right times.
The decision-making process involves the following steps:
1. Define the problem.
2. Identify limiting factors.
3. Develop potential alternatives.
4. Analyze the alternatives.
5. Select the best alternative.
6. Implement the decision.
7. Establish a control and evaluation system.
Define the problem
The decision-making process begins when a manager identifies the real
problem. The accurate definition of the problem affects all the steps that follow;
if the problem is inaccurately defined, every step in the decision-making process
will be based on an incorrect starting point. One way that a manager can help
determine the true problem in a situation is by identifying the problem
separately from its symptoms.
The most obviously troubling situations found in an organization can usually be
identified as symptoms of underlying problems. (See Table 1 for some
examples of symptoms.) These symptoms all indicate that something is wrong
with an organization, but they don't identify root causes. A successful manager
doesn't just attack symptoms; he works to uncover the factors that cause these
symptoms.
TABLE 1 Symptoms and Their Real Causes
Symptoms
Low profits and/or
declining sales
High costs
Low morale
Underlying Problem
Poor market research
Poor design process; poorly trained employees
Lack of communication between management
High employee turnover
High rate of absenteeism
and subordinates
Rate of pay too low; job design not suitable
Employees believe that they are not valued
Identify limiting factors
All managers want to make the best decisions. To do so, managers need to have
the ideal resources — information, time, personnel, equipment, and supplies —
and identify any limiting factors. Realistically, managers operate in an
environment that normally doesn't provide ideal resources. For example, they
may lack the proper budget or may not have the most accurate information or
any extra time. So, they must choose to satisfice — to make the best decision
possible with the information, resources, and time available.
Develop potential alternatives
Time pressures frequently cause a manager to move forward after considering
only the first or most obvious answers. However, successful problem solving
requires thorough examination of the challenge, and a quick answer may not
result in a permanent solution. Thus, a manager should think through and
investigate several alternative solutions to a single problem before making a
quick decision.
One of the best known methods for developing alternatives is through
brainstorming, where a group works together to generate ideas and alternative
solutions. The assumption behind brainstorming is that the group dynamic
stimulates thinking — one person's ideas, no matter how outrageous, can
generate ideas from the others in the group. Ideally, this spawning of ideas is
contagious, and before long, lots of suggestions and ideas flow. Brainstorming
usually requires 30 minutes to an hour. The following specific rules should be
followed during brainstorming sessions:

Concentrate on the problem at hand. This rule keeps the discussion
very specific and avoids the group's tendency to address the events
leading up to the current problem.

Entertain all ideas. In fact, the more ideas that comes up, the better. In
other words, there are no bad ideas. Encouragement of the group to freely
offer all thoughts on the subject is important. Participants should be
encouraged to present ideas no matter how ridiculous they seem, because
such ideas may spark a creative thought on the part of someone else.

Refrain from allowing members to evaluate others' ideas on the spot.
All judgments should be deferred until all thoughts are presented, and the
group concurs on the best ideas.
Although brainstorming is the most common technique to develop alternative
solutions, managers can use several other ways to help develop solutions. Here
are some examples:

Nominal group technique. This method involves the use of a highly
structured meeting, complete with an agenda, and restricts discussion or
interpersonal communication during the decision-making process. This
technique is useful because it ensures that every group member has equal
input in the decision-making process. It also avoids some of the pitfalls,
such as pressure to conform, group dominance, hostility, and conflict, that
can plague a more interactive, spontaneous, unstructured forum such as
brainstorming.

Delphi technique. With this technique, participants never meet, but a
group leader uses written questionnaires to conduct the decision making.
No matter what technique is used, group decision making has clear advantages
and disadvantages when compared with individual decision making. The
following are among the advantages:

Groups provide a broader perspective.

Employees are more likely to be satisfied and to support the final
decision.

Opportunities for discussion help to answer questions and reduce
uncertainties for the decision makers.
These points are among the disadvantages:

This method can be more time-consuming than one individual making the
decision on his own.

The decision reached could be a compromise rather than the optimal
solution.

Individuals become guilty of groupthink — the tendency of members of a
group to conform to the prevailing opinions of the group.

Groups may have difficulty performing tasks because the group, rather
than a single individual, makes the decision, resulting in confusion when
it comes time to implement and evaluate the decision.
The results of dozens of individual-versus-group performance studies indicate
that groups not only tend to make better decisions than a person acting alone,
but also that groups tend to inspire star performers to even higher levels of
productivity.
So, are two (or more) heads better than one? The answer depends on several
factors, such as the nature of the task, the abilities of the group members, and
the form of interaction. Because a manager often has a choice between making a
decision independently or including others in the decision making, she needs to
understand the advantages and disadvantages of group decision making.
Analyze the alternatives
The purpose of this step is to decide the relative merits of each idea. Managers
must identify the advantages and disadvantages of each alternative solution
before making a final decision.
Evaluating the alternatives can be done in numerous ways. Here are a few
possibilities:

Determine the pros and cons of each alternative.

Perform a cost-benefit analysis for each alternative.

Weight each factor important in the decision, ranking each alternative
relative to its ability to meet each factor, and then multiply by a
probability factor to provide a final value for each alternative.
Regardless of the method used, a manager needs to evaluate each alternative in
terms of its

Feasibility — Can it be done?

Effectiveness — How well does it resolve the problem situation?

Consequences — What will be its costs (financial and nonfinancial) to
the organization?
Select the best alternative
After a manager has analyzed all the alternatives, she must decide on the best
one. The best alternative is the one that produces the most advantages and the
fewest serious disadvantages. Sometimes, the selection process can be fairly
straightforward, such as the alternative with the most pros and fewest cons.
Other times, the optimal solution is a combination of several alternatives.
Sometimes, though, the best alternative may not be obvious. That's when a
manager must decide which alternative is the most feasible and effective,
coupled with which carries the lowest costs to the organization. (See the
preceding section.) Probability estimates, where analysis of each alternative's
chances of success takes place, often come into play at this point in the
decision-making process. In those cases, a manager simply selects the
alternative with the highest probability of success.
Implement the decision
Managers are paid to make decisions, but they are also paid to get results from
these decisions. Positive results must follow decisions. Everyone involved with
the decision must know his or her role in ensuring a successful outcome. To
make certain that employees understand their roles, managers must thoughtfully
devise programs, procedures, rules, or policies to help aid them in the problemsolving process.
Establish a control and evaluation system
Ongoing actions need to be monitored. An evaluation system should provide
feedback on how well the decision is being implemented, what the results are,
and what adjustments are necessary to get the results that were intended when
the solution was chosen.
In order for a manager to evaluate his decision, he needs to gather information
to determine its effectiveness. Was the original problem resolved? If not, is he
closer to the desired situation than he was at the beginning of the decisionmaking process?
If a manager's plan hasn't resolved the problem, he needs to figure out what
went wrong. A manager may accomplish this by asking the following questions:

Was the wrong alternative selected? If so, one of the other alternatives
generated in the decision-making process may be a wiser choice.

Was the correct alternative selected, but implemented improperly? If
so, a manager should focus attention solely on the implementation step to
ensure that the chosen alternative is implemented successfully.
3) Define Individual goals and organization goals.
Goal or objective is a desired result an animal or a system envisions, plans and
commits to achieve—a personal or organizational desired end-point in some
sort of assumed development. Many people endeavor to reach goals within a
finite time by setting deadlines.
It is roughly similar to purpose or aim, the anticipated result which guides
reaction, or an end, which is an object, either a physical object or an abstract
object, that has intrinsic value.
[1]
Goal-setting ideally involves establishing specific, measurable, attainable,
realistic and time-targeted objectives. Work on the goal-setting theory suggests
that it can serve as an effective tool for making progress by ensuring that
participants have a clear awareness of what they must do to achieve or help
achieve an objective. On a personal level, the process of setting goals allows
people to specify and then work towards their own objectives — most
commonly financial or career-based goals. Goal-setting comprises a major
component of personal development. A goal can be long-term or short-term.
Short-term goals
Short-term goals expect accomplishment in a short period of time, such as
trying to get a bill paid in the next few days. The definition of a short-term goal
need not relate to any specific length of time. In other words, one may achieve
(or fail to achieve) a short-term goal in a day, week, month, year, etc. The timeframe for a short-term goal relates to its context in the overall time line that it is
being applied to. For instance, one could measure a short-term goal for a monthlong project in days; whereas one might measure a short-term goal for
someone’s lifetime in months or in years. Planners usually define short-term
goals in relation to a long-term goal or goals.
Personal goals
Individuals can set personal goals. A student may set a goal of a high mark in an
exam. An athlete might run five miles a day. A traveler might try to reach a
destination-city within three hours. Financial goals are a common example, to
save for retirement or to save for a purchase.
Managing goals can give returns in all areas of personal life. Knowing precisely
what one wants to achieve makes clear what to concentrate and improve on, and
often subconsciously prioritizes that goal.
Goal setting and planning ("goal work") promotes long-term vision and shortterm motivation. It focuses intention, desire, acquisition of knowledge, and
helps to organize resources.
Efficient goal work includes recognizing and resolving all guilt, inner conflict
or limiting belief that might cause one to sabotage one's efforts. By setting
clearly defined goals, one can subsequently measure and take pride in the
achievement of those goals. One can see progress in what might have seemed a
long, perhaps impossible, grind.
Achieving personal goals
Achieving complex and difficult goals requires focus, long-term diligence and
effort. Success in any field requires forgoing excuses and justifications for poor
performance or lack of adequate planning; in short, success requires emotional
maturity. The measure of belief that people have in their ability to achieve a
personal goal also affects that achievement.
Long term achievements rely on short-term achievements. Emotional control
over the small moments of the single day makes a big difference in the long
term.
One formula for achievement reads A= I*M[where A = achievement, I =
intelligence, and M = motivation. When motivation equals zero, achievement
always equals zero, no matter the degree of intelligence. Similarly for
intelligence: if intelligence equals zero, achievement always equals zero. The
higher the combination of both intelligence and the motivation, the higher the
achievement.
Goal management in organizations
Organizationally, goal management consists of the process of recognizing or
inferring goals of individual team-members, abandoning no longer relevant
goals, identifying and resolving conflicts among goals, and prioritizing goals
consistently for optimal team-collaboration and effective operations.
For any successful commercial system, it means deriving profits by making the
best quality of goods or the best quality of services available to the end-user
(customer) at the best possible cost. Goal management includes:

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Assessment and dissolution of non-rational blocks to success
Time management
Frequent reconsideration (consistency checks)
Feasibility checks
Adjusting milestones and main-goal targets
Morten Lind and J.Rasmussen distinguish three fundamental categories of goals
related to technological system management:
Production goal
1. Safety goal
2. Economy goal
An organizational goal-management solution ensures that individual employee
goals and objectives align with the vision and strategic goals of the entire
organization. Goal-management provides organizations with a mechanism to
effectively communicate corporate goals and strategic objectives to each person
across the entire organization. The key consists of having it all emanate from a
pivotal source] and providing each person with a clear, consistent
organizational-goal message. With goal-management, every employee
understands how their efforts contribute to an enterprise's success.
An example of goal types in business management:




Consumer goals: this refers to supplying a product or service that the
market/consumer wants
Product goals: this refers to supplying a product outstanding compared to
other products perhaps due to the likes of quality, design, reliability and
novelty
Operational goals: this refers to running the organization in such a way as to
make the best use of management skills , technology and resources
Secondary goals: this refers to goals which an organization does not regard
as priorities
UNIT-V
PART –A
1) The World Tourism Organization (UNWTO), based in
.................(Madrid, Spain)
2) IATA Stand for ......................
3) The ........... (Taj Mahal) is one of the most familiar sights of India.
Millions of travellers visit the historical site each year
1) What are the Role of various Origination in tourism?
The World Tourism Organization (UNWTO), based in Madrid, Spain, is a
United Nations agency dealing with questions relating to tourism. It compiles
the World Tourism rankings.[1] The World Tourism Organization is a significant
global body, concerned with the collection and collation of statistical
information on international tourism. This organization represents public sector
tourism bodies, from most countries in the world and the publication of its data
makes possible comparisons of the flow and growth of tourism on a global
scale. It is a member of the United Nations Development Group. The official
languages of UNWTO are Arabic, English, French, Russian, and Spanish.
The World Tourism Organization plays a role in promoting the development of
responsible, sustainable and universally accessible tourism, paying particular
attention to the interests of developing countries.
The Organization encourages the implementation of the Global Code of Ethics
for Tourism, with a view to ensuring that member countries, tourist destinations
and businesses maximize the positive economic, social and cultural effects of
tourism and fully reap its benefits, while minimizing its negative social and
environmental impacts.
UNWTO is committed to the United Nations Millennium Development Goals,
geared toward reducing poverty and fostering sustainable development.
Structure
General Assembly
The General Assembly is the supreme organ of the Organization. Its ordinary
sessions, held every two years, are attended by delegates of the Full and
Associate Members, as well as representatives from the Business Council. It is
the most important meeting of senior tourism officials and high-level
representatives of the private sector from all over the world.
Regional Commissions
Established in 1975 as subsidiary organs of the General Assembly, the six
Regional Commissions normally meet once a year. They enable member States
to maintain contact with one another and with the Secretariat between sessions
of the General Assembly, to which they submit their proposals and convey their
concerns. Each Commission elects one Chairman and its Vice-Chairmen from
among its Members for a term of two years commencing from one session to
the next session of the Assembly.
Executive Council
The Executive Council's task is to take all necessary measures, in consultation
with the Secretary-General, for the implementation of its own decisions and
recommendations of the Assembly and report thereon to the Assembly. The
Council meets at least twice a year. The Council consists of Full Members
elected by the Assembly in the proportion of one Member for every five Full
Members, in accordance with the Rules of Procedure laid down by the
Assembly with a view to achieving fair and equitable geographical distribution.
The term of office of Members elected to the Council is four years and elections
for one-half of the Council membership are held every two years. Spain is a
Permanent Member of the Executive Council.
Committees
*World Committee on Tourism Ethics *Programme Committee *Committee on
Budget and Finance *Committee on Market and Competitiveness


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Committee on Statistics and the Tourism Satellite account
Sustainable Development of Tourism Committee
Committee on Poverty Reduction

Committee for the Review of Applications for Affiliate Membership
Secretariat
The Secretariat is led by Secretary-General ad interim Taleb Rifai of Jordan,
who supervises about 110 full-time staff at UNWTO's Madrid Headquarters. He
is assisted by the Deputy Secretary-General. These officials are responsible for
implementing UNWTO's programme of work and serving the needs of
Members. The Affiliate Members are supported by a full-time Executive
Director at the Madrid Headquarters. The Secretariat also includes a regional
support office for Asia-Pacific in Osaka, Japan, financed by the Japanese
Government
Other Organisations
i) IATA
The International Air Transport Association (IATA), is a nongovernmental
organization and membership consists of practically all air carriers. The Active
memhzrs are engaged in international operations whereas the Associate
membership consists of domestic airlines. IATA aims:
at encouraging the dcvclopment of reliable, regular and economic air transport
for the benefit of travellcrs, to foster air comrnercc and s~udyth e problems their
in, and to research thc problcms and issues related to the industry.
Founded in 1945, thc activities of IATA have increased over the years. Today
its services and roles include :
setting rates on global routes agreeable to member airlines,
planning of time tables for international flights,
standardising and coordination of certain services like baggage checks,
reservations, etc.
In addition IATA also provides statistical data on international air travel and
acts as a
clearing house for air ticket coupons.
ii) UFTAA
Universal Federation of Travel Agents Association was founded in 1966. Its
members
are national organisations and regional organisations. It aims representing the
travel agency industry and travel agents at different forums and negotiates on
their behalf.
Further we list fcw other organisations:
International Federation of Tour Operators (IFTO) which represents national
tour operator associations.
International Youth Hostel Federation (IYHF) which represents national youth
hostel associations.
International Hotel Association (IHA) representing the hotel and restaurant
industry.
International Association of Tour Managers (IATM),
Pacific Asia Travel Association (PATA), etc.
GOVERNMENT ORGANISATIONS IN INDIA
Central Government
In India the Department of Tourism, which comes under the Ministry of Civil
Aviation and Tourism, functions as the National Tourist Organisation. As a
tourism professional
you may have to deal with the Department and its officials from time to time.
The primary task of the Department is to lay down the policy, collect tourism
related data, attend to enquiries related to tourism, publicise India as a
destination, regulate the activities of different segments of the tourism industry,
etc. Accordingly various advisory bodics and committees are formed to
implement the policies.
An important function of the Department is to answer to tourists' queries and
guide them. For this it has its regional offices (Delhi, Calcutta, Bombay and
Madras) as well as information offices at prime destinations like Agra, Jaipur,
Aurangabad, Cochin, etc.
Similarly, there are a number of tourist offices abroad which work in liaison
with Air India for promoting India as a destination.
India Tourism Development Corporation (ITDC) is another Government
Organisation that plays a major role in tourism promotion, travel and
infrastructural development.
You must be aware of the chain of ITDC hotels like, Ashoka, various
restaurants and so on. Unlike the Department of Tourism, ITDC is a commercial
profit earning organisation.
A significant step was taken by the Government in' 1986 by setting up the
National Committee on Tourism which has representatives from public and
private sectors.
Constituents of Tourism
Industry and Tourism
Organisations
State Government/Union Territories
On the pattern of Central Government, the State Governments and Union
Territories
have their own Tourism Departments and Tourism Development Corporations.
At all
airports, major Railway stations and bus stands tourist information centres have
been
set up by these departments. They are also actively engaged in :
policy formation at their levels,
promotional activities,
destination development,
providing guide services,
conducting sight seeing tours, and
providing lodging, etc.
Here we must mention that in our country we still don't have tourism
organisations at
the local levels of a district or municipality. In a very few cases the local
development
authorities have been entrusted the task of destination
development/maintenance. Yet,
the performance is not up to the mark Many state departments also have to
improve
their services. In this field we have to learn a lot from the countries that have a
developed
tourism industry.
2) Discuss the aims of IATA.
PRIVATE SECTOR ORGANISATIONS IN INDIA
In this Section we discuss the three most prominent organisations of the Private
Sector
in tourism.
IATO
The Indian Association of Tour Operators was established in the 198 1. The
idea has been "to promote international understanding and goodwill to the
ultimate advantage".
A joint forum of tour operators, the Association promotes and aids the
development of
tourism in India. This is done either directly or through discussions and
meetings with other bodies and agencies.
The membership is open to organisations of good professional reputation and
standing Constituents of Tourism
who have been connected with Tourism and/or travel industry for at least one
year. Industry and Tourism
However, there are certain other conditions also as per the category of
membership:
i) Active Members Eligibility for this category includes:
a firm or company having an established place of business in India,
recognised by the Department of Tourism as a tour operator/travel agent for a
minimum period of one year, and
its major substantial part of activity of promotion of tourism and foreign
exchange
earnings in a year is minimum Rs. 10,00,000/ii) Allied Members
Any firm or company, which is regularly engaged or associated with the
tourism and
travel industry and is recognised by the state or central government or by their
trade
association such as carrier companies, hoteliers, caterers, excursion agents,
transport
contractors, forwarding and clearing agents, shipping companies, state tourist
organisations and trade publications.
iii) Other categories of members include:
Overseas Allied Members,
Associate Members, and
Honorary Members
The IATO aims to:
promote national integration, international welfare and goodwill,
assist students by scholarship to pursue higher education, study and research
particularly
in the field of development of tourism and international brotherhood both in
India and outside the country,
institute chairs and fellowships in India,
conduct aiding and assisting seminars, group discussions, course of studies,
cultural
take all steps which may be necessary for promoting, encouraging and assisting
the development of tourism throughout the country and to take initiative to
secure the welfare of the tourism trade in all respects,
encourage and promote friendly feelings among the tour operators and travel
agents on all subjects involving their common good and benefit,
promote equal opportunity for all visitors to enjoy the tourism and travel
facilities without distinction of the race, colour, creed or nationality,
set up and maintain high ethical standards in the industry,
communicate with chambers of commerce, other mercantile and public bodies
in India, government departments or committees, International Air Transport
Association and various foreign and local associations and corporations,
companies and concerns and promote measures in the interest of the travel trade
and nominate members to act on them, get affiliation with similar organisations
in other countries, produce regular reports about the achievements of the
members of the Association and to do all such things as are incidential or
conducive to the attainment of the above Through the newsletter IATO
IMPRINT the members are updated on regulations, events, complaints, etc.
IATO has also been taking promotional tours abroad. For example the most
recent tour was in collaboration with Deptt. of Tourism Govt. of India,
Air India and KLM. It covered Benelux and Scadninavia (13-22 September
1993). Its members are also part of the Government sponsored tours and thc
most recent one was to South Africa with Air India (30 November to 13
December, 1993).
Tourism Industry TAAI
In the year 1951, twelve leading travel agents of India felt that time had come to
"create
an Association to regulate the travel industry along organised lines and in
accordance
with sound business principles." Thus, came into emergence the Travel Agents
Association of India. The primary purpse was to:
protekt the interests of those engaged in the industry,
promote its orderly growth and development, and safeguard the travelling
public from exploitation by unscrupulous and unreliable
operators.
In fact, TAAI is a "professional coordinating body" consisting of various
segments of the travel and tourism industry. It is recognised as the main
representative body of the travel industry in India.
As a non political, non-commerical and a non-profit making body, it aims at:
safeguarding the interests of the travelling public,
maintaining high ethical standards with in the travel trade,
developing Tourism Industry through improving the travel agency business and
service for tourists, promoting mutual cooperation among TAAI members, and
TAAI LO~O contributing to the sound progress and growth of the industry.
By 1993 TAAI had a membership of more than 600 which includes member of
diffcrent categories.
The Active Members of TAAI are supposed to: emphathise with travellcrs
needs, offer correct advice,
undertake multi-scclor domestic and international reservations,
plan holidays, and ensure a hastle-free trust worthy travel.
The major activities of TAAI include:
i) Helping promote, maintain and stimulate the growth of travel and tourism in
the country.
ii) Directing the attention of the controlling and regulatory authorities to the
problems faced by the industry and discussing with them the means of survival
and betterment of members.
iii) Maintaining close contact with world bodies and representing matters
affecting the travel and tourism industry of India.
iv) Gathering and disseminating useful information on travel and tourism
among members for thcir guidance.
v) Educating and equipping members to meet future challenges through
seminars, conventions and sharing of thoughts and experiences.
vi) Helping to develop better understanding among the different segments of
travel industry, etc.
FHRAI
The Federation of Hotel and Restaurant Association of India, formed in
1954, was incorporated as a Company under the Indian Companies Act on 7th
December, 1955.
The Federation was formed by the four Regional Associations functioning in
the country viz. Hotel & Restaurant Association of Eastern India: Calcutta;
Hotel & Restaurant Association of Northern India, New Delhi: Hotel &
Restaurant Association (Western India), Bombay, and thc South India Hotels &
Restaurants Association, Madras.
The principal objectives of the Federation are to:
Unite the four Regional Associations in a representative national organis.ation,
create a national fraternity of the hotel and restaurant establishments located all
over India, consider and take decisions on all questions of interest to the hotel
and restaurant industry,
act as an information centre and disseminate statistical and other information
concerning the hotel and restaurant industry and advise its members on matters
of importance to them,
promote and market the hospitality industry of India, especially hotels and
restaurants, in the national and international market,
coordinate and liaise with the MinistryIDepartrnent of Tourism and other
concerned DepartmentsIAgencies of the Central and State Governments to
achieve accelerated growth of the hotel and restaurant industry by securing
suitable incentives for this industry and consider all questions connected with
the hotel and restaurant industry and, as far as possible, to secure redressal of
grievances of the industry.
Socio-economic benefits and Average effects of tourism.
Today, tourism is one of the largest and dynamically developing sectors of
external economic activities. Its high growth and development rates,
considerable
volumes of foreign currency inflows, infrastructure development, and
introduction
of new management and educational experience actively affect various sectors
of economy, which positively contribute to the social and economic
development
of the country as a whole.
Most highly developed western countries, such as Switzerland, Austria,
and France have accumulated a big deal of their social and economic welfare on
profits from tourism.
According to recent statistics, tourism provides about 10% of the worlds
income and employs almost one tenth of the world’s workforce. All considered,
tourism’s actual and potential economic impact is astounding. Many people
emphasize the positive aspects of tourism as a source of foreign exchange, a
way
to balance foreign trade, an “industry without chimney” — in short, manna from
heaven.
But there are also a number of other positive and negative sides of
tourism’s economic boom for local communities, which not always considered
by
advocates of tourism perspectives. Therefore in this paper I will consider the
main
social and environment impacts of tourism at the country level.
2. The Positive and Negative Social and Environmental Impacts of
Tourism
Socially tourism has a great influence on the host societies. Tourism can be
both a source of international amity, peace and understanding and a destroyer
and corrupter of indigenous cultures, a source of ecological destruction, an
assault of people’s privacy, dignity, and authenticity.
Here are possible positive effects of tourism:
• Developing positive attitudes towards each other
• Learning about each other’s culture and customs
• Reducing negative perceptions and stereotypes
• Developing friendships
• Developing pride, appreciation, understanding, respect, and tolerance for
each other’s culture
• Increasing self-esteem of hosts and tourists
• Psychological satisfaction with interaction
So, social contacts between tourists and local people may result in mutual
appreciation, understanding, tolerance, awareness, learning, family bonding
respect, and liking. Residents are educated about the outside world without
leaving their homes, while their visitors significantly learn about a distinctive
culture. Local communities are benefited through contribution by tourism to the
improvement of the social infrastructure like schools, libraries, health care
institutions, internet cafes, and so on. Besides, if local culture is the base for
attracting tourists to the region, it helps to preserve the local traditions and
handicrafts which maybe were on the link of the extinction.
For example in Uzbekistan, particularly in such famous regions as
Samarqand, Buhara, and Horezm tourists contribute significantly to the
preservation of traditional handcrafting wood carving, hammered copper work,
handmade silk and carpets, and of course to preservation and maintenance of
architectural and historical monuments.
Since Uzbekistan proclaimed its independence in 1991 many museums
and monuments were renovated or opened to promote the national culture and
traditions. Growing interest in this culture makes the local people proud of their
way of life.
On the other side tourism can increase tension, hostility, and suspicion.
Claims of tourism as a vital force for peace are exaggerated. Indeed there is
little
evidence that tourism is drawing the world together (Robinson 1999). In this
context economic and social impacts on the local community depend on how
much of the incomes generated by tourists go to the host communities. In most
all-inclusive package tours more than 80% of travelers’ fees go to the airlines,
hotels and other international companies, not to local businessmen and workers.
On the other hand large hotel chain restaurants often import food to satisfy
foreign visitors and rarely employ local staff for senior management positions,
preventing local farmers and workers from reaping the benefit of their presence.
Tourism has the power to affect cultural change. Successful development
of a resource can lead to numerous negative impacts. Among these are
overdevelopment, assimilation, conflict, and artificial reconstruction. While
presenting a culture to tourists may help preserve the culture, it can also dilute
or
even destroy it. The point is to promote tourism in the region so that it would
both
give incomes and create respect for the local tradition and culture.
There are also both negative and positive impacts of tourism on the local
ecology. Tourism often grows into mass-tourism. It leads to the over
consumption,
pollution, and lack of resources.
However, from the ecological point of view tourism is often more
acceptable and preferable than any other industrial production, as it is
environmentally friendlier. The problem is that it is not easy to change the
traditional way of life of the local communities. It often creates pseudo
conflicts.
Undoubtedly in some regions or countries the alternative industries are even
more
harmful to the environment than tourism.
Besides that in many countries of Asia and the Pacific, for example in Cook
Islands, Samoa and others, tourism is the main source of income or the
friendliest
to the environment. It is at least better than chopping down the forests or
destroying coral reefs.
4) Define Boosting Indian economy
Every year, travellers set out on holidays and vacations, breathing new life into
the economy of the places they visit. In India, the largest service industry is
tourism. More than five million foreign visitors make their way to India
annually to experience the rich culture of one of the economical giants of the
world.
The impact of tourism on India’s national gross domestic product is estimated at
US$275.5 billion by 2018. In fact, the World Travel and Tourism Council
declares India as a travel hotspot from now until 2018. People are not only
drawn to India for cultural history, but they also travel for business, medical
purposes, and sports such as the 2010 Commonwealth Games.
Medical tourism is on the rise in India. Travellers can receive high-quality
treatments at a fraction of the prices they expect. Surgery costs average thirty
percent lower than other well-known medical tourism destinations such as
Thailand. Procedures people come to undergo include bone marrow transplants,
cardiac surgery, orthopedic surgeries and liver transplants. India is best known
for heart surgery. Access to leading medical technology at alluring rates is not
the only place tourists spend their money on. Many people come seeking a taste
of the unique culture and history India possesses.
India’s 5,000 year old history promises to deliver an unmatched travel
experience to tourists. The Taj Mahal is one of the most familiar sights of
India. Millions of travellers visit the historical site each year. Other sites that
draw people in include the Mahabodi Temple, skiing in Shimla, and the
stunning Lotus Temple in Dehli.
In the past 15-20 years, India has seen some excellent growth and progression in
its economic situation. Current affairs point to continued growth, and has been
the second fastest rising large economy. However, there have been a few
changes in the past few months that could lead to a dip and cause a struggle for
those employed in this country.
It isn’t too big of a surprise that importing/exporting and automobile sales have
been on the decline, since the economy worldwide is struggling and many
individuals are choosing to buy locally to support their economies. Inflation in
India has increased more rapidly than it has in years past, making it more
difficult for families to be able to afford groceries, clothing, and other
necessities. The Prime Minister of India is trying to take matters into his own
hands, especially after suffering backlash from scandal, corruption among the
government agencies, and contentment with the current situation. Many
residents of India are frustrated with their government, who seems unwilling to
make the necessary reforms in an attempt to boost the economy. Such reforms
have been seen in the United States, such as tax credits for homebuyers and
those who were employed for the whole year, and helped increase the amount of
money received on many tax returns. However, without sufficient funds to pay
for such programs, it can be difficult to upswing an economy that is spiraling
downward.
There is hope that the Indian economy is simply encountering a speed bump in
its growth. Some predict that it will turn around, but only time can show what
the future holds for those living and working in India.