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ECONOMIC OVERVIEW
Global economic growths forecast is 3.5 percent in 2015
and 3.8 percent in 2016, with uneven prospects across the
countries and regions. Growth in emerging market
economies is softening, reecting an adjustment to
diminished medium-term growth expectations and lower
revenues from commodity exports, as well as countryspecic factors. The outlook for advanced economies is
showing signs of improvement, owing to the boost to
disposable incomes from lower oil prices, continued
support from accommodative monetary policy stances,
and more moderate scal adjustment. The distribution of
risks to near-term global growth has become more
balanced relative to October 2014 but is still tilted to the
downside. The decline in oil prices could boost activity
more than expected. Geopolitical tensions continue to
pose threats, and risks of disruptive shifts in asset prices
remain relevant. In some advanced economies, protracted
low ination or deation also pose risks to activity.
While Indias economic outlook remains fairly stable,
recent revisions to GDP methodology and revised
historical data continue to lift the forecast. According to the
International Monetary Fund (IMF) projections, for the rst
time since 1999, India will outgrow China and its BRIC
peers with a GDP growth of 7.5 percent this calendar year
i.e. 2015 and the following year. India, being a major oil
importer, however will be a big beneciary of the decrease
in energy prices as any decrease in oil price consequently
increases real income and spending of the consumers.
The Reserve Bank of Indias efforts to bring down ination
and the Indian governments reform initiatives viz. the
Make in India campaign and the passage of Bills on
insurance and coal mines in Parliament had also improved
business condence among investors. Indias growth is
expected to strengthen from 7.2 percent in 2014 to 7.5
percent in 2015. Economic growth will benet from the
aforesaid policy initiatives in the country. However, the
unseasonal rains recently across the country may affect
the agricultural sector output in the country.
INDUSTRY STRUCTURE AND DEVELOPMENTS
Hospitality Industry:
a) Global Industry:
The global hospitality sector riding a broad wave of
growth, innovation and demand is in a strong position
to make further gains during 2015 as fresh capital from
new locales increases the number of industry
38 | 24th Annual Report 2014-15