Synopsis Tourism may rightly be described as a wheel of economic prosperity. For several countries it is a major source of generating revenues, earning foreign exchange and creating employment opportunities. Tourism contributes for the protection of environment and preservation of monuments and heritages. Further, it leads to international understanding and brotherhood. No doubt there are various impacts of tourism but it is primarily because of its economic benefits that tourism has emerged as the fastest growing industry at global level. In fact, tourism is synonymous with International tourism. At present more than 730 million strong tourists cross International border every year spending nearly $ 595 billion. Thus, they offer tremendous opportunities to the host nations to share these economic gains. The number of international tourists is likely to swell to one billion by 2010 and to 1.6 billion by 2020. They expenditure may cross $ 2,000 billion. These figures ensure secured future for those who are dependent on tourism related activities. Statistics by World Trade and Tourism Council (WTTC) further highlight the economic potentials of tourism. Tourism contributes well above 11 per cent to World’s GDP. It also accounts for 11.8 per cent of government spending. These figures amply prove the economic significance of global tourism. It is considered a source of transferring wealth from rich to poor countries.