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77pc of Indian businesses to increase travel budget in 2023: Report

With business travel across domestic and international markets showing a rebound after post pandemic , majority of Indian business ( 67%) expect a rise in business travel in 2023 and 77% of business are expecting to increase their travel budget in 2023 as compared to 2022. These findings have been revealed in the business and travel entertainment ( T& E) survey report titled Revival of business travel : An India perspective commissioned by American Express , India with the Centre for Economic and Business Research. Manish Kapoor, vice president and head, global commercial services, American Express Banking Corporation, India said, “The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed the pre pandemic level. International travel is also picking up and we can expect a sustained recovery. With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies and should adopt smarter solutions for better cost efficiencies.”

The report stated 53% businesses said that just over half of their employees had taken an international or domestic work trip in H2 2022. Government and public sector employees followed by marketing, sales, real estate, professional services and pharmaceuticals lead trips. 64% of government or public sector employees took international or domestic trips for work. The report further stated that 77% of businesses expected to increase their travel budget in 2023. Agriculture, manufacturing, construction, utilities and engineering topped the list with largest travel budgets on average at INR 70 lakhs per year for each business. (Source: The Statesman)

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