Skift Take
The vision for the hospitality sector goes much beyond just branded hotels — to include tier-2 and 3 cities which will be crucial for tourism growth. Plus, other highlights from last week's news in hotel deals and development across the country.
The Indian hotel sector is poised to contribute $1.5 trillion to the country’s economy by 2047, up from $65 billion in 2022, forecasts the Hotel Association of India in its "Vision 2047: Indian Hotel Industry" report.
The association anticipated growth of 15% in the long-term for the overall hospitality industry. The total contribution includes aspects of services from corresponding industry verticals such as food and beverages, salon & spas, etc.
Looking at it more broadly, the group forecasts that tourism and hospitality will contribute $3 trillion. To reach that target, the sector will need:
Policy support and ease of doing business. Rise in national and international tourist footfalls. Extending accommodation growth beyond the metros to tier II, III cities.Domestic Tourist Visits: These are anticipated to rise from 677 million in 2021 to 1.5 billion by 2030 and then further to 15 billion by 2047 in the long term (2037-2047), the report said.
International Travelers: There would be 15 million international visitors arriving in India by 2024, 25 million by 2030, and 100 million tourists by 2047.
Total contribution of Indian hotel industry to GDP (in USD billion).“The tourism industry is going through a significant transformation and technology has helped us enhance customer engagements. Convergence of efforts at different levels and collaboration between the government and private stakeholders will be the key to the successful realization of the vision of creating jobs and contributing to the national growth story,” said Puneet Chhatwal, president of Hotel Association of India and managing director and CEO of Indian Hotels Company.
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