Economic liberalization in India: opportunities for multinational corporations in the hospitality and tourism sector

Abstract

Multinational corporations (MNCs) in the hospitality and tourism sector have traditionally concentrated their global business operations on the more open and rewarding economies of the developed world. However, the contemporary global business environment has been fast changing in the post-Cold-War era. Asia's fast developing countries, such as India, are now offering enormous opportunities to MNCs. This paper offers a vision of what MNCs can do in order to incorporate India into their global expansion and diversification strategies. The paper gives an overview of the liberalized economic environment in India. It then identifies opportunities in the hospitality and tourism sector. It goes on to analyse the socio-economic factors that favour the entry of multinational corporations into the Indian hospitality and tourism sector.