Tourism-led growth hypothesis is validated for India. Newly developed econometric techniques are applied to estimate the influence of tourism on economic difference between economic development and economic growth pdf. We find a one-way Granger-causation running from inbound tourism to economic growth. Policies for attracting more international tourists may effectively accelerate economic growth.
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The results of newly-developed Bayer and Hanck combined test indicate that tourism, economic growth and financial development are cointegrated. It is shown that the inbound tourism spurs economic growth in India both in long-run and short-run. In addition, the analysis indicates the presence of a long-run one-way Granger-causation running from tourism to economic growth. It is suggested that policies for attracting more international tourists should be promoted.
Peer review under responsibility of Faculty of Commerce and Business Administration, Future University. 2017 Faculty of Commerce and Business Administration, Future University. Production and hosting by Elsevier B. The results indicate that human development promotes tourism by creating a lopsided relationship.