What is a key indicator of economic growth and prosperity, as discussed in the text?

Industrial production Consumer spending on discretionary items Government spending on infrastructure Inflation rates

According to the text, what is a major factor driving the demand for hotels and hospitality in India in 2023?

Increased government funding for tourism A decline in international travel A post-Covid travel boom A decrease in disposable income

What is a significant challenge in the hotel industry, as highlighted in the text?

Maintaining consistent product quality Managing high employee turnover Dealing with fluctuating raw material costs Responding to rapid technological advancements

What is a unique characteristic of the hotel industry compared to other service industries, as per the text?

High reliance on technology Short duration of service delivery Longer form of service delivery Low customer interaction

What is an important metric for hotels due to their capital-intensive nature?

Customer satisfaction ratings Employee retention rates Return on assets Market share

What strategy do hotels often employ to mitigate the impact of seasonality on their business?

Reducing staff during off-peak seasons Offering special discounts and promotions Temporarily shutting down operations Focusing solely on business travelers

What is a common business model adopted by many hotel chains to expand their capacity without significant capital investment?

Vertical integration Joint ventures Managed or franchised properties Mergers and acquisitions

What is a key takeaway from the text regarding the hotel industry in India?

The organized sector dominates the market Hotels primarily cater to international tourists The industry faces limited competition The industry is a significant employer