According to RBI, “40 scheduled banks have cumulatively doubled their lending to the aviation sector in January at ₹45,076 crore, as against ₹23,407 crore three years ago. Investments from other sources stood at ₹27,824 crore in January 2023, up 62% year-on-year, and continued to rise gradually during FY24. Industry analysts attribute this surge in investments to the following factors, among others.”

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Rajnish Kaistha, Sr. Vice President, IATO said, “With the blessings of the government and the CM, the 39th IATO Annual Convention is scheduled to be held in Madhya Pradesh’s Bhopal from 30 August to 2 September 2024. The idea is to bring better connectivity to Bhopal and put it onto the global tourist map.”

Ruhani Duggal, Director, Vilasa Luxury Travel, said, “Minar is now venturing into the US market. We have been present in Latin America for 7-8 years. Hence, we have expanded our footprint in the US with an office in New York and one more in the Middle East. We have also opened an office in the Middle East. This year, we are going to focus more on development and are excited to explore Northeast and Ayodhya as part of our itineraries.”

Talking about the growth of hospitality in India, Mark Hoplamazian, CEO, Hyatt, said, “India today is better poised for growth in the hospitality sector than the rest of the world, and that is because of the tremendous warmth and engagement of its people. The experience people get in India when they disembark from the plane and start exploring the country is what sets the country apart.”

After facing significant flight disruptions recently, Vistara CEO Vinod Kannan, said, “Vistara has cut 10% of its flights until May 24 to stabilise operations with its on-time performance increasing to 89% on April 9, 2024.” He added that things could have been planned better but it has been a learning experience.

Indian aviation industry is set to scale new heights. According to a recent report by ICRA, the domestic air passenger traffic is estimated at 154 million for FY2024, which represents a YoY growth of 13%, in line with ICRA’s estimates. Further, the domestic air passenger traffic in FY2024 has surpassed the pre-Covid levels of 142 million in FY2020 as well.

Talking about the lack of direct flight connectivity from Kolkata to European countries, Manoj Saraf, Managing Director, Gainwell Travel & Leisure, said, “TAAI and TAFI along with the State Govt are trying to get direct flights into Europe and UK. There is some hope that Air India may start Kolkata-London nonstop flights later this year.”

Around 3,000 meetings took place during GITM 2024 in Goa, where over 500 buyers and 300 sellers engaged in fruitful discussions and negotiations. Discussions were held on how Goa can contribute as a high-yield destination. From leveraging its natural beauty to capitalizing on emerging travel trends, the session provided valuable insights into positioning Goa as a top choice for travellers seeking unforgettable experiences.  

World Travel & Tourism Council is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion. According to the global tourism body’s 2024 Economic Impact Research, Travel & Tourism will contribute an additional $770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide with an increase of more than 13.6 million jobs expected in the sector.