India’s journey & tourism market is anticipated to develop from $22.3 billion in 2024 to $34.1 billion by 2029 mentioned Jyoti Mayal, President, Journey Brokers Affiliation of India (TAAI) in a press release.
“India’s journey and tourism business stands as a vital pillar of the nation’s economic system, contributing 10% to the GDP. By 2029, the business is anticipated to create 53 million jobs and entice 30.5 million vacationers, underscoring its vital development potential,” she mentioned whereas addressing at business occasion BLTM 2024.
“Outbound tourism from India is anticipated to hit 27 million vacationers this yr, mirroring pre-COVID ranges, whereas the journey & tourism market in India is anticipated to generate $22.30 billion [revenue] in 2024, rising to $34.11 billion by 2029,” she added.
With India’s MICE tourism market projected to register a CAGR of 6% throughout 2024-2029, the occasion had attracted individuals from Sri Lanka, Azerbaijan, Cambodia, Israel, Saint Petersburg and Indian states equivalent to Goa, Odisha, Punjab, Gujarat, Jharkhand, Telangana, and Meghalaya.
Florian Sengstschmid, CEO, Azerbaijan Tourism Board, in a press release mentioned, “In 2023, we obtained 1.15 lakh Indian vacationers, a determine that has surged to 1.40 lakh within the first seven months of 2024, marking a 2.7-fold improve in comparison with the identical interval final yr.”
“This development surpasses pre-COVID numbers, which had been about 50,000 in 2019. Enhanced connectivity, together with 11 weekly flights from Delhi and three from Mumbai to Baku, has been pivotal,” he added.
Krishantha Fernando, Basic Supervisor, Sri Lanka Conference Bureau, mentioned “Between January and the primary week of August 2024, Sri Lanka obtained round 2.3 million guests from India, persevering with its standing as the biggest supply market.”
“With 83 flights per week from India, we’re specializing in the MICE and marriage ceremony segments, whereas additionally interesting to leisure vacationers. Proximity, connectivity, and worth for cash are key components drawing Indian vacationers to Sri Lanka,” he added.
Amruta Bangera, Director of Advertising and marketing, the Israel Ministry of Tourism, in a press release mentioned, “With 6,500 guests from India and over 6 lakh globally in 2024 till July 2024 we are going to welcome extra vacationers from the journey, commerce, and MICE group within the upcoming months.”
In response to Sanjiv Agarwal, Chairman & CEO, Fairfest Media Ltd, the organisers of the occasion this yr’s BLTM has grown greater than double in measurement as in contrast with final yr.
