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Indian economy being the seventh-largest economy in the world is measured by its nominal GDP and the third largest by purchasing power parity (PPP). In the last two decades India is classified as a newly industrialized country and one of the G-20 major economies. The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. The Indian economy has the potential to become the world�s third largest economy by the next decade by its contribution to the service sector. Tourism is a major source of income for many countries and affects the economy of both the source and host countries. Tourism can be domestic or international, and international tourism has both incoming and outgoing implications on a country�s balance of payments. Tourism has now been accepted as an industry like all other industries that earn foreign money from the tour-loving people of the world. Today tourism is the largest service industry in India with a contribution of 6.23 per cent to the national GDP and providing 8.78per cent of the total employment. The tourism industry in India generated about US $100 billion in 2008 and that is expected to increase to US $275.5 billion by 2018 at 9.4 per cent annual growth rate. The ministry of Tourism is the nodal agency for the development and promotion of tourism in India and maintains the �Incredible India� campaign.