The hospitality sector of India is expected to grow by 12% in the next five years and reach $110 billion by 2023, says Mehul Sharma.
“The sector will be driven by a rapid increase in tourist arrivals, increasing disposable income and rising urbanisation. The World Travel & Tourism Council released a report stating that the tourism industry will continue to grow in India and has a great potential for growth.
“The Indian hospitality sector is set to experience a revival with the economic slowdown finally coming to an end and hotels gaining back their lost momentum. With increased tourism, and a surge in business travel, hotel chains across India will be looking to get back on track and make up for lost time.
“With India hosting the G20 summit, high profile guests from 20 countries including USA, China, Japan, Germany and many others will be visiting India. This will lead to more demand for hotels and other accommodation options in different parts of India. The impact of these high profile visitors will be seen in various areas like spending on entertainment, food shopping, dining out etc, which will lead to increased revenues for every segment. This will also give the required push to the local and home-grown market in each city.
“Visiting India is more exciting now than ever before. The world’s largest democracy is coming into its own as a fast-growing and forward-looking country.”
