G-20 meets to give big stimulus to hospitality sector: HVS Anarock

The meetings of the Group of 20 (G-20) are expected to boost growth of inbound-travel in 2023, according a real estate consulting firm. The Indian hospitality sector is expected to see an accelerated growth in 2023, in spite of ongoing global headwinds and the uncertainty brought on by the occasional Covidscare. This will be driven primarily by buoyant domestic demand and the revival of inbound travel. India’s G-20 presidency will be an additional boost for the sector, according to HVS Anarock. Over 200 G-20 meetings are expected to be held across 55 destinations in the country during India’s G-20 Presidency till November 2023. The Indian hotel sector stands to gain significantly from this development, as there will be substantial demand for hotels in the cities where the meetings are held. The G-20 meetings are expected to help inbound tourism to recover the lost ground as the tourism ministry intends to take advantage of this opportunity.