Gajesh Girdhar, Chairman, Network of Indian MICE Agents (NIMA), spoke on the sidelines of BLTM 2023 and provided some encouraging insights regarding the Indian outbound tourism business. India’s outbound tourism business is expected to grow steadily and reach USD 15.2 billion in 2023, according to Girdhar.
With an estimated Compound Annual Growth Rate (CAGR) of 11.4% through the year 2032, this remarkable growth is expected to continue.
The increasing desire of Indians, particularly those in the millennial generation, to go abroad is what is fueling this boom. Following the relaxation of travel restrictions following Covid, there has been a discernible desire to travel overseas and explore uncharted territory.
Girdhar also emphasized the country’s rising stature in the MICE tourism industry (meetings, incentives, conferences, and exhibitions). He credited this expansion to the development of infrastructure for hosting international events as well as strong government support. India’s tourist destinations are joining forces with the expanding MICE sector.
The good news is that by 2024, India’s outbound MICE industry might be back to its pre-Covid levels, making it one of the fastest-growing in the world right now. This highlights India’s potential to be a top location for business meetings, conferences, and exhibitions.
This upward trend in outbound travel not only helps the travel and hospitality industry, but it also has good economic ramifications for a number of adjacent sectors, such as lodging, transportation, and small businesses in popular tourist destinations.
Looking ahead, it will be interesting to see how these patterns continue to influence India’s outbound tourism industry and how it affects the country’s overall economy.