India’s tourism sector ripe for the picking, hoteldealers.in

  • Vijaylakshmi by Vijaylakshmi
  • 5 months ago
  • Business
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(Representative Image)

Dutch digital travel services provider Booking Holdings global chief executive Glenn Fogel said the entire global travel industry and not just them should pay attention to India, where the government has significantly invested in tourism and spent a lot of time and energy in building infrastructure and resources including airports.

“India is incredible. If you look at the size of the Indian market, the demographics, the increase in GDP per person, and people wanting to travel, this is very interesting in terms of where the market was and where it is now,” Fogel told ET.

He said many years ago, the number of rooms of international standards in India was about the same as in Las Vegas, unusual for a country of over a billion people.

“That has changed and now there are just a huge number of great hotels. It is getting people from outside India to come and see India.”

The company, which also operates Agoda, Priceline and Kayak, said the Indian government has launched several tourism projects to improve infrastructure, enhance connectivity and increase access to many of the country’s tourist destinations. Additionally, they have also implemented visa-friendly initiatives such as e-visa or visa-free entry to many countries, which has propelled inbound and outbound travel.

India is currently the world’s sixth-largest domestic travel market by spending. With the subcontinent’s growing middle class powering travel spending growth of roughly nine per cent per year, India’s domestic market could overtake Japan’s and Mexico’s to become the world’s fourth largest by 2030, according to a report by McKinsey & Co. In addition, domestic air passenger traffic in India is projected to double by 2030, boosted in part by a state-subsidised initiative that aims to connect underserved domestic airports.

“These measures combined with a strong economy, a growing middle class and travel-loving citizens ensure India’s tourism sector remains ripe with opportunity for even greater growth,” Fogel said.

Last year, it said it will invest USD 250 million through 2026 into its centre of excellence in Bengaluru to support projects powered by new and emerging technologies, and help collaboration opportunities across all Booking Holdings brands.

“India has some of the most confident travellers across Asia Pacific and the country’s thriving economy has also led to an emerging middle class with higher disposable incomes growing exponentially, giving momentum to domestic as well as international travel in terms of discretionary consumer spend,” Fogel said.

“It is great to see that India has significantly invested in tourism, which is a key contributor to the country’s GDP.”

Experts say the Indian government’s ambition to facilitate 100 million inbound tourists at the anniversary of India’s independence in 2047 will make India one of the world’s most popular travel destinations.

“India’s travel and tourism sector is bouncing back with remarkable vigour, driven by a surge in domestic tourism. While international visitor spending is still catching up, the unwavering support from local travellers showcases the resilience and potential of this dynamic sector. With continued strategic efforts, India is set to shine as a global tourism powerhouse,” Julia Simpson, World Travel and Tourism Council president and chief executive officer, said.

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  • Updated On Jul 5, 2024 at 09:00 PM IST
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  • Published On Jul 5, 2024 at 09:00 PM IST
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  • 3 min read
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