Is tourism expansion the key to economic growth in India? An aggregate-level time series analysis
The paper aims to probe the tourism-economic growth nexus in the case of India. The paper incorporates a more structural view of sector-specific macroeconomic variables like central government expenditure on tourism (CGET), investment in the tourism industry (IOT), foreign tourist arrivals, and fore...
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| Published in: | Annals of tourism research empirical insights Vol. 5; no. 2; p. 100126 |
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| Language: | English |
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01-11-2024
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| Abstract | The paper aims to probe the tourism-economic growth nexus in the case of India. The paper incorporates a more structural view of sector-specific macroeconomic variables like central government expenditure on tourism (CGET), investment in the tourism industry (IOT), foreign tourist arrivals, and foreign tourist visits as explanatory parameters. Johansen's cointegration and error correction model results support the long-run relationship among the variables. All the independent variables are unidirectional causal on GDP except investment in tourism, which shows long-run bidirectional causality. Thus, the long-run unidirectional tourism-led growth hypothesis is supported. The empirical implications support government and private sector-based resource allocation towards tourism expansion, thereby escalating the country's economic growth.
•Tourism acts as a promising sector of economic growth in India over a long period.•Government expenditure on the tourism sector brings hope with better outcomes.•Foreign touristsarrivals and visits do not support any nexus between tourism and economic growth.•Government tourism expenditure and Private Investment in tourism validate the tourism-led growth hypothesis.•Higher Investment in the tourism industry may lead to a higher contribution towards GDP. |
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| AbstractList | The paper aims to probe the tourism-economic growth nexus in the case of India. The paper incorporates a more structural view of sector-specific macroeconomic variables like central government expenditure on tourism (CGET), investment in the tourism industry (IOT), foreign tourist arrivals, and foreign tourist visits as explanatory parameters. Johansen's cointegration and error correction model results support the long-run relationship among the variables. All the independent variables are unidirectional causal on GDP except investment in tourism, which shows long-run bidirectional causality. Thus, the long-run unidirectional tourism-led growth hypothesis is supported. The empirical implications support government and private sector-based resource allocation towards tourism expansion, thereby escalating the country's economic growth.
•Tourism acts as a promising sector of economic growth in India over a long period.•Government expenditure on the tourism sector brings hope with better outcomes.•Foreign touristsarrivals and visits do not support any nexus between tourism and economic growth.•Government tourism expenditure and Private Investment in tourism validate the tourism-led growth hypothesis.•Higher Investment in the tourism industry may lead to a higher contribution towards GDP. The paper aims to probe the tourism-economic growth nexus in the case of India. The paper incorporates a more structural view of sector-specific macroeconomic variables like central government expenditure on tourism (CGET), investment in the tourism industry (IOT), foreign tourist arrivals, and foreign tourist visits as explanatory parameters. Johansen's cointegration and error correction model results support the long-run relationship among the variables. All the independent variables are unidirectional causal on GDP except investment in tourism, which shows long-run bidirectional causality. Thus, the long-run unidirectional tourism-led growth hypothesis is supported. The empirical implications support government and private sector-based resource allocation towards tourism expansion, thereby escalating the country's economic growth. |
| ArticleNumber | 100126 |
| Author | Alam, Qamar Singh, Deepti |
| Author_xml | – sequence: 1 givenname: Deepti surname: Singh fullname: Singh, Deepti email: deeptisingh2904@gmail.com – sequence: 2 givenname: Qamar surname: Alam fullname: Alam, Qamar |
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| Cites_doi | 10.1016/j.tourman.2018.09.004 10.1016/j.annals.2012.05.023 10.5367/000000007782696113 10.1257/00028280260136363 10.5367/0000000042430962 10.3390/su12041618 10.1080/00036840110058923 10.1177/0047287519844833 10.1016/j.tourman.2003.09.014 10.1080/13683500.2013.868414 10.1080/000368499324066 10.1177/0038038598032004027 10.3727/108354218X15391984820468 10.3390/ijerph16193785 10.1016/j.tourman.2014.06.020 10.1016/j.tourman.2008.02.007 10.1016/0304-3878(78)90006-8 10.1177/00472875211018514 10.2307/1912791 10.1016/j.tourman.2008.09.009 10.1080/13683500802684411 10.54055/ejtr.v2i2.36 10.1080/135048501750104114 10.2307/2228486 10.1016/j.jfds.2017.11.001 10.3846/tede.2020.12532 10.1016/j.ijforecast.2010.06.001 10.1016/0160-7383(91)90038-D |
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| Keywords | Tourism led economic growth VECM model Johansen cointegration Granger causality Time series India |
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| Title | Is tourism expansion the key to economic growth in India? An aggregate-level time series analysis |
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