India’s outbound tourism market estimated to record CAGR of 11.4% until 2032: NIMA
Talking on the side lines of BLTM 2023, Gajesh Girdhar, Chairman, Network of Indian MICE Agents (NIMA), shared some promising insights into India’s outbound tourism market. According to Girdhar, India’s outbound tourism market is on a steady rise and is projected to reach USD 15.2 billion in 2023. This impressive growth is anticipated to continue with an estimated Compound Annual Growth Rate (CAGR) of 11.4% through the year 2032.
The driving force behind this surge is the growing interest among Indians, particularly the millennial demographic, to explore international destinations. As travel restrictions have eased post-Covid, there’s been a palpable eagerness to venture abroad and discover new horizons.
Girdhar also highlighted India’s increasing prominence in the Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism sector. He attributed this growth to robust government support and infrastructure development for hosting global events. India’s tourism sites are aligning themselves with the burgeoning MICE industry.
The exciting news is that India’s outbound MICE market is currently one of the world’s fastest-growing, with prospects of returning to pre-Covid levels by 2024. This underscores India’s potential as a premier destination for corporate gatherings, conferences, and exhibitions.
This positive trajectory in outbound tourism not only benefits the travel and hospitality sectors but also holds promising economic implications for various related industries, including transportation, accommodation, and local businesses in tourist hotspots.
As we look ahead, it will be fascinating to observe how these trends continue to shape India’s outbound tourism landscape and its impact on the broader economy.