The travel and tourism industry in India is one of the biggest contributors to IndiaGDP and hence is critical in supporting the India growth story. The global travel andtourism industry posted a strong performance in the financial year growing at 4.6% withparticularly good performance in Asia. This had a positive ripple effect on thehospitality sector in India which had been struggling with declining room occupancy andpricing.
The Indian travel and tourism industry is one of the key drivers of growth among theservice sector in India. Tourism in India has significant potential considering the richcultural and historical heritage.
The fiscal saw demand growth at 5% continuing to outpace supply growth at 3.2%particularly due to rising purchasing power of domestic travelers an increase incommercial development and foreign tourist arrivals a growing airline industry andgovernment led initiatives aimed at stimulating the sector. The Indian travel and tourismindustry has been instrumental in contributing to the nation's economic growth.
Tourism and travel industry is also a potentially large employment generator besidesbeing a significant source of foreign exchange for the country. The tourism &hospitality sector are among the top 10 sectors in India to attract the highest foreignDirect Investment.
India is growing at a tremendous space and is expected to emerge a $ 5trillion economyby 2025. The Indian tourism and travel industry is one of the key drivers of growth amongthe service sector in India. Tourism in India has significant potential considering therich cultural and historical heritage..
The state of Goa in India is famous for its beaches and places of worship and tourismis its primary industry. Goa is known as the "Rome of the East "having an areaof 3702 square km of lush green mountains blue waters and white sands winding rivers andpicturesque villages with local flora and fauna . Goa is thus famous for tourism. It is asmall state with 140 km from north to south and 65 km from east to west. Goa beaches havebecome the major attraction for tourists such as Agonda Calangute Candolim Dona Paulaetc. Goa receives the largest number of tourists from Germany Finland U.K France USAetc. The domestic tourist comes from all over India as it is a very popular touristdestination.
Tourism is generally focused on the coastal areas of Goa with decreased touristactivity inland. Foreign tourists mostly from Europe arrive in Goa in winter whilst thesummer and monsoon seasons see a large number of Indian tourists. Tourism is the backboneof Goa's economy.
Tourism in Goa has a positive effect on many businesses especially the hospitalitysector. Goa has emerged as a leisure hotspot on the world map.
Your company aspires to emerge as one of India's fastest growing companies known forits excellence skills and expertise in the field of hospitality and is all poised to takeadvantage of the growth in the Indian economy. We live in a world of continuoustransformation where it is not the strongest but the most agile that will thrive. Ourendeavor is to take our brands to new heights not just in accommodations but across ourarray of service offerings.
What have helped your company sustain its journey have been its strong value systemsits ability to always put the customer at the center of its strategy and a never endingdesire to collaborate and learn. What also stand out are our employees who have made thispossible with their strong customer focus agile mindset and strong performance ethic.Your Company has invested in the right capabilities at the right time and scale helpingit to stay relevant to customers. With our feet firmly planted in today we envision abigger brighter tomorrow.
Dreaming big is not enough. It is necessary to convert these dreams into realactionable plans and challenge oneself to seek excellence and to innovate to continuouslyconnect vision strategy and execution. That is what makes a company great and go beyondmere growth.
I take this opportunity to thank our team and express our gratitude to all our stakeholders for their unrelenting commitment and belief in Mac Hotels vision thus helping usshape Mac Hotels story for the future.
My special thanks go to all my colleagues who form part of our formidable team. Withouttheir motivation dedication and sterling work these results would not have beenpossible. While our team continues to grow we will always strive to remain true to ourcore values that we treasure. We will keep paying attention to detail and delivering aunique personalized service to our esteemed clients.
A final word of thanks must also go to my colleagues on the Board our CEO and ourmanagement teams. Our results for 2019 are very much the consequence of their hard workperseverance and creativity. These principles are the foundation on which we celebrate agood performance in 2019 but equally important gives us the confidence to look forward tomore success in the years ahead.
Chairman Edwin E. R. Cotta