Nishad Wijetunga, President, SLAITO said, “Sri Lanka has lost M!CE tourists to competitors like Thailand and India on minimum room rates as higher standard rooms were available in other countries at lower prices. However, we managed to retain a majority of bookings made before the minimum room rates were imposed last year.”

In a significant development, Tamil Nadu ranked second in foreign tourist visits, with 1.23 million foreign tourists visiting the state. To further increase the numbers by more than 20 per cent, the state government has decided to formulate and implement a creative and brand positioning strategy to target international and domestic markets.

Rajesh Magow, MMT, Chief Executive Officer said, “Inbound is the only significant laggard.” The main reason was that every big domestic market or region in India was doing well along with other issues like visa issuance, low supply of air seat inventory and high airfares, but it is also making its way slowly now, he added.

Sharing her views on how business travel in India is slated for growth, Catherine Logan, Regional Vice President of EMEA & APAC, Global Business Travel Association (GBTA), said, “India will fully reach pre-2019 spending levels by 2025 and is likely to reach 120 per cent of its pre-COVID business travel spend by 2027.”

Giving an overview of India’s ‘Hotels & Hospitality’ sector, HVS Anarock revealed that India’s domestic air passenger traffic increased by nearly 5 per cent in January 2024 but the country’s hotel sector saw lower occupancy compared to pre-pandemic levels and continued growth in average rates.

Research on the Indian travel market and shopper behaviour by Swiss research agency m1nd- set revealed that in the next five to six years, the country will be the world’s fourth-largest travel spender. The middle class in India will account for about half of the population by 2030, it added.

At the inaugural Corporate Travel Summit, FCM Travel India said the country’s business travel industry is likely to increase up to US$38.2 billion in 2024. The market saw a remarkable 24.7 per cent hike in 2023, and experts expect an additional 18.3 per cent increase in 2024, reaching the value of US$38.2 billion.

A comprehensive Vision plan for 2024 has been released by FHRAI (Federation of Hotels & Restaurants Association of India) which includes the creation of the Center of Excellence in Tourism and Hospitality and the return of the FHRAI Annual Convention from 16-18 October in Goa. The move aims to elevate industry standards, and cultivate excellence.

Rajeev Menon, President Asia Pacific, Marriott International said, “By signing 28 deals and adding over 4,600 rooms to its portfolio in 2023, Marriott International is all set for this year with its target to expand its footprints in South Asia by opening 14 hotels in countries like India, Nepal, Bhutan, Bangladesh and Sri Lanka to accentuate strong growth within the region’s travel and tourism sector.”

In its travel forecast, PATA (Pacific Asia Travel Association) has estimated that India will witness 1.7 million US visitors by the end of 2026, which is 111.9% more than the 2019 level, under the medium scenario. The latest PATA forecast sheds light on the swift recovery of international arrivals.