The Times Group will present the inaugural Times Travel Honours 2011 on Wednesday to recognize the significant achievements in the travel and hospitality industry. 

The group has launched an academy of over 100 travel industry CXOs to determine the winners, which would be independently validated by consultancy firm Ernst & Young to make the awards the "true voice of the Indian travel industry". C P Krishnan Nair, chairman of the Leela Group of hotels, is the chair of the academy. The award function, which will be held at the Grand Hyatt in Mumbai, will also see the launch of a "Thought Leadership Paper" relating to the tourism sector. 

The paper, based on a survey with top industry officials, will touch upon current trends in the sector, M&A opportunities, tax issues and IT innovations. There are a total of 29 awards and will cover the entire spectrum of the travel space from airlines to cruise liners to fleet taxi services to boutique hotels. However, winners in three categories-the best airline, hotel and travel services firm will be adjudged through public voting on the internet and by SMS. 

India's travel and tourism industry ranks 14th in the world and is expected to contribute $187 billion to GDP by 2019, according to 2010 World Travel & Tourism report in which 180 countries were evaluated. The sector, which accounts for 6.4% of total employment, is expected to generate 40 million jobs in the next eight years. Export earnings from foreign tourists and tourism goods are expected to generate $51 billion by 2019, according to industry experts. 

TOI