Tag Archives: FICCI

Medical tourism industry to touch $9 billion by 2020

Globally, medical tourism market is estimated to touch a market value of USD 40 bn by 2020 and Indian medical tourism industry is expected to touch USD 09 billion by 2020, according to FICCI-Yes Bank Knowledge Paper titled ‘Tourism Infrastructure Investments: Leveraging Partnerships for Exponential Growth’. India is fast developing into a medical and wellness tourism hub of Asia owing to its superior quality healthcare services offered at affordable prices coupled with a dedicated policy framework of government to promote medical tourism. Rising disposable incomes, self-awareness on personal well being and increased air connectivity has encouraged market for wellness services, tourists seeking specialised medical treatments, mainly Ayurvedic, spa and other therapies look forward to India as preferred destination.

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Indian hotel market to grow to around $13 bn by 2020

The Indian hotel market is projected to grow to around USD 13 bn by 2020, according to FICCI-Yes Bank Knowledge Paper titled ‘Tourism Infrastructure Investments: Leveraging Partnerships for Exponential Growth’. Further, as per World Travel & Tourism Council’s 2018 report, the industry contribution to capital investment in India was Rs 2706.1 bn in 2017 and is projected to grow 6.7 per cent per annum in next 10 years to Rs 5546.3 bn by 2028, higher than the global average of 4.5 per cent. Despite increase in private sector investment, the Indian hotel industry observed a decline in average room rate and room occupancy in 2016-17 which is largely attributed to lower participation of hotels in the five-star deluxe and five-star categories in India.

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State tourism boards explore investment opportunities at Tourism Investors Meet

In a bid to attract investors across the industry, a number of state tourism boards presented their ideas and prospect on tourism in their respective states during the 4th Tourism Investors Meet held at FICCI, Federation House, New Delhi. The tourism boards of West Bengal, Rajasthan, Gujarat and Manipur gave detailed presentations on how their state provides lucrative opportunities to investors. Each presentation counted on their USP and explained about the incentives and concessions provided by the respective state governments. The first presentation was given by the meet’s Theme State West Bengal Tourism which stressed on developing the state as an ‘ecotourism hub’. This was followed by a presentation by Partner State Rajasthan Tourism which focused on promoting heritage location and properties in the state. It also talked about opportunity of growth for adventure sports and MiCE in the state. Feature State Gujarat Tourism stressed on providing attractive incentives to investors with last mile connectivity for travellers in the state. The final presentation was given by Feature State Manipur Tourism. Highlighting the state’s rich culture and resources, the presentation talked about the prospect of developing Manipur as a ‘tourism hub’. The main focus was on Loktak lake, the largest fresh water lake in the Northeast.

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FICCI-Yes Bank releases Knowledge Paper on tourism infrastructure

Highlighting the foremost areas of developing a robust tourism infrastructure and the current scenario of tourism in India, FICCI in association with Yes Bank has released a knowledge report titled ‘Tourism Infrastructure Investments: Leveraging Partnerships for Exponential Growth’, during the Tourism Investors Meet 2018 held in New Delhi. The It also features facts and figures pertaining to the tourism sector and suggests recommendations to establish India as a global tourism hotspot. Usha Padhee, Joint Secretary, Ministry of Civil Aviation, Government of India, unveiled the report during the meet along with Bhupesh Rathore, President & Head – Strategic Government Advisory, Yes Bank; Dr Jyotsana Suri, Past President, FICCI & Chairperson, FICCI Tourism Committee; Dipak Deva, Co-chairman, FICCI Tourism Committee and Rahul Chakravarty, Consultant – Tourism, FICCI. Rathore also gave a presentation focusing on the potential and development of tourism across various sectors of the industry.

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Travel and tourism investment to rise by 6.7% per annum over the next 10 years

Travel and tourism investment is expected to rise by 6.7 per cent per annum over the next 10 years to Rs 5,546.3 billion in 2028, according to FICCI-Yes Bank Knowledge Paper titled ‘Tourism Infrastructure Investments- Leveraging Partnerships for Exponential Growth’. Usha Padhee, Joint Secretary, Ministry of Civil Aviation, said that the tourism and civil aviation ministries are engaging continuously to identify solutions and implement them for the growth of both the sectors. “The way forward is a focused approach for evolving tourist places under the aviation connectivity scheme and expanding existing routes under UDAN scheme including helicopter routes in hilly and north-eastern regions. This will provide good infrastructural support to the tourism sector,” said Padhee. She also added that the Ministry of Civil Aviation is working to remove bottlenecks in remote and regional areas by providing proper navigation means, technology, better security and safety. Dr Jyotsna Suri, Past President, FICCI & Chair, FICCI Tourism Committee and CMD, Lalit Suri Hospitality Group, in her address said that increasing connectivity will boost tourism, adding that ‘one flight per day to Khajuraho will build the demand eventually’. Dipak Deva, Co-Chair, FICCI Tourism Committee and MD, SITA, TCI & Distant Frontiers also presented his views on the growth of tourism in the country at the 4th Tourism Investors Meet held in Delhi.

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Foreign Exchange Earnings grow by 17% in 2017 over 2016

Foreign Exchange Earnings (FEEs) during 2017 were USD 27,742 mn with a growth of 17.0 per cent over 2016, according to a recent report on inbound tourism by FICCI and Yes Bank. This growth trend is dependent on many external factors including exchange rate and socio–political scenario. However, despite global undulations, FEEs have consistently contributed a significant share to the tourism GDP of India. The rising flow of Foreign Tourist Arrivals (FTAs) is clearly a function of the stellar growth performance of emerging tourism trends like MiCE along with spiritual travel and medical tourism. Furthermore, it goes without saying that FTAs have been able to garner considerable resources for the country and started contributing significantly to the economy.

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Online sales of travel booking to increase at a CAGR of 14.8% during 2017–21

The online sales of travel booking is likely to increase at a CAGR of 14.8 per cent during 2017–21, according to FICCI and KPMG India’s latest knowledge paper titled ‘Expedition 3.0- Travel & Hospitality Gone Digital’. This uprising of digital travel in India can be attributed to the increasingly digitally savvy Indian travellers. In 2017, India was projected to have accounted for 3.7 per cent of the global digital travel sales — making it the third-largest market by value in the Asia-Pacific (APAC) region. The Indian government’s move to remove high currency notes out of circulation in November 2016 is expected to have further catalysed the growth of digital travel sales in the country 2017. The most significant reform in travel has been brought by mobile applications, which have enabled the whole user experience to be available on-the-go. These include usage of mobile tickets/boarding pass, mobile check-in for hotel rooms, cab hailing applications, and even cloud passports in some countries — in addition to the basic features such as search, booking, payment, invoicing and customer support.

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FEEs through tourism witness growth of 17% in 2017 over 2016

Foreign Exchange Earnings (FEEs) during 2017 were USD 27,742 mn with a growth of 17.0 per cent over 2016, according to a latest FICCI-Yes Bank Report. This growth trend is dependent on many external factors including exchange rate and socio–political scenario, however, despite global undulations, FEEs have consistently contributed a significant share to the Tourism GDP of India. The rising flow of Foreign Tourist Arrivals (FTAs) is clearly a function of the stellar growth performance of emerging tourism trends like MiCE along with spiritual travel and medical tourism. Furthermore, it goes without saying that FTAs have been able to garner considerable resources for the country and started contributing significantly to the economy. Foreign tourists tend to spend more in India than almost any other country worldwide due to its size as well as diversity of culture and geography. These are positive signs for the industry, and indicate significant potential going forward.

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10th Great Indian Travel Bazaar kicks off in Jaipur with 280 buyers & 270 exhibitors

The 10th edition of Great Indian Travel Bazaar (GITB) opened with 280 foreign buyers from 55 countries and 270 exhibitors at The Lalit Jaipur on April 22. Committed to boost tourism in India, the inbound show was inaugurated by Vasundhara Raje, Chief Minister, Rajasthan; Rashmi Verma, Secretary, Ministry of Tourism; Jyotsna Suri, Chairperson, FICCI Tourism Committee; Dipak Deva, Co-Chairman, FICCI Tourism Committee; Nihal Chand Goel, Additional Chief Secretary (Tourism, Art & Culture), among other officials from the Government of Rajasthan. The show, celebrating a decade of successfully promoting inbound tourism in Rajasthan, hopes to cross the 11,000 mark in terms of pre-scheduled B2B meetings between the exhibitors and buyers. Raje said, “It is heartening to see such an enthusiastic participation at GITB. The tourism sector has seen a new vigour and dynamism after the launch of the campaign ‘Jane Kya dikh Jaye’. Our vision was to get 50 million tourists in Rajasthan by 2020 but by the end of 2017 itself, the state received 47.5 million tourists and we would compete our target by the end of 2018.” Raje also thanked the central government for the financial support provided for the state’s various tourism projects. An MoU was also singed on behalf of the Government of Rajasthan and FICCI under which the GITB will continue to be hosted till 2024. The dates for the next edition of the show in Jaipur are April 28-30, 2019.  

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56 new airports to be functional in upcoming years: Suresh Prabhu

Around 56 new airports will become functional in the next few years, Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhu said at the two-day Global Logistics Summit recently held in New Delhi. The minister further said that by bringing all the stakeholders together, it will create the right platform to improve logistics and connectivity which are vital for increasing intra-state and international trade flows. Indian logistics industry is estimated at around US $ 215 billion in 2019-20, growing at over 10% annually. In the last decade or so, significant improvements in railways, roads, highways, inland waterways, aviation, ports and coastal shipping have taken place. To support awareness building and develop better understanding on these issues, the Department of Commerce, Ministry of Commerce & Industry, in partnership with FICCI and the World Bank Group, organised the Summit to discuss relevant issues among global experts, academics, government officials, private sector and industry representatives.

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