May 19, 2017 TnH Global

Most Outstanding Contribution to Tourism Rana Kapoor, MD & CEO, YES BANK & Chairman, YES Global Institute

Q. How did you feel when you found out that you had been honoured for your ‘Most Out- standing Contribution to Tourism’ at the re- cently held Travel and Hospitality Awards?

It is indeed an honour to have been conferred with the “The Most Outstanding Contribution to Tourism” award. This significant recognition further inspires us to continue working closely with the Government, industry, local communities and all stakeholders in the Tourism value chain to create an enabling policy environment to fully unlock India’s Global Potential in Tourism – an engine of economic growth and job creation.

Q. For what reasons has your organization committed itself to the development of tourism?

Tourism has become an important economic driver and has significant job creation potential. The sector is steadily catalysing development in remote locations, helping preserve local skills and traditions, driving enterprise development at the micro level, and promoting environment issues and sustainability. Further, the sector is predicted to grow significantly over the next decade and increase its share in India’s GDP. In line with this, at YES BANK, we have identified tourism as one of the focus sunrise sectors, and are committed towards holistic growth and development of this vital sector.

Q. What are the key initiatives taken by YES BANK in the recent years for tourism development?

At YES BANK, we bring a unique amalgamation of Knowledge and Banking solutions across key sunrise sectors including Tourism, amongst oth- ers. We have led several key initiatives through policy advocacy and recommendations, thought leadership interventions, round-tables and con- vening, involving key stakeholders in the Tourism ecosystem. As a thought leader in this space, YES BANK has drafted Tourism Policies and Mission Documents for states such as Uttar Pradesh, Andhra Pradesh, Puducherry, Uttarakhand, and Chhattisgarh. We were also a Knowledge Partner at the Incredible India Tourism Investors’ Summit 2016.

Backed by detailed understanding of the sector, YES BANK has customized comprehensive Banking solution for the Tourism industry.

Q. How do you look at the current state of the tourism industry in India?

India, with its diverse cultural heritage, unique traditional values and price-competitive offerings, has the potential to become one of the preferred tourist destinations, globally. Further, burgeoning middle class, with increasing disposable incomes, is expected to contribute significantly towards upswing in domestic travel. The sector, which currently accounts for about 7.5% of GDP, is estimated to grow by 7.9% during 2016-26 and create 46.42 million jobs during the period. The World Travel & Tourism Council estimates the sector to witness over 6.3% growth in capital investments during 2016-26, higher than global average of 4.5%. This will create a multiplier impact on India’s socio-economic growth through infrastructure development, job creation and skill development, amongst others.

Q. How can India fully tap its tourism potential and become a leading destination in the world?

The Government has taken several progressive measures such as extension of e-Tourist Visa to 161 countries and simplification of immigration and customs procedures.

Development of airports in tier II cities, greater penetration of digital modes of payment, creation of five special tourism zones, and tourism circuit schemes such as PRASAD and Swadesh Darshan, amongst others, will further stimulate growth of the sector. However, in order to leverage the vast untapped potential of this sector, it is critical to improve tourism infrastructure, enhance last-mile connectivity, create dedicated tourist assistance facilities and significantly upgrade safety provisions. Amending the ‘Infrastructure’ status for hotel projects and tourism related structures from the current cost based criteria of INR 200 Cr to INR 50 Cr will enable inclusion of 2-3 star hotels, thereby boosting development of tourism infrastructure significantly.

India’s jump by 12 positions in World Eco- nomic Forum’s Travel & Tourism Competitiveness Index 2017 resonates well with ongoing efforts being made to enable India to become a leading global tourist destination.

” It is indeed an honour to have been conferred with the ‘Most Outstanding Contribution to Tourism’ award.”