The direct contribution of India s hotel sector to the country s GDP could reach $1 trillion by 2047, from $40 billion in 2022, according to Vision 2047: Indian Hotel Industry from the Hotel Association of India and Benori Knowledge. The report highlights that the pandemic shifted consumer preference and helped service providers move forward, with hotel companies acknowledging the significant potential of domestic tourism.
The direct contribution of Indian hotel industry to the country’s GDP is estimated to touch USD 1 trillion by 2047 driven by a significant jump in domestic tourist visits and international arrivals, according to a report.
The direct contribution of Indian hotel industry to the country s GDP is estimated to touch USD 1 trillion by 2047 driven by a significant jump in domestic tourist visits and international arrivals, according to a report.
As per Vision 2047: Indian Hotel Industry report by the Hotel Association
Mohan Singh Oberoi s life is a powerful testament to determination and resilience. Born in a small village in Pakistan’s Jhelum district, he faced hardships from an early age. Losing his father at just six months old, Oberoi s mother had to shoulder all responsibilities. Financial constraints made him leave school early, working in his uncle’s shoe factory in Lahore.
ICRA predicts that pan-India premium hotel occupancy will reach 70-72% in FY2024, with average room rates ranging from Rs. 6,000-6,200. The domestic leisure travel s sustainability, increased MICE, business travel, improved consumer sentiments & consistency, strong corporate performance, and increasing domestic air passenger traffic boost travel and hotel demands, said ICRA. According to the company, the industry will experience a 13-15% revenue growth rate in FY2024.