The meetings, incentives, conferences and events (MICE) market in India is set to double in size to over $100 billion by 2030. The Indian MICE market valued at $49.4 billion in 2024, is projected to more than double to $103.7 billion by 2030, growing at a robust 13 per cent CAGR, as per the government statement.
According to FHRAI, the growth is the direct result of policy decisions, infrastructure modernisation, and strategic development of new MICE ready destinations like Varanasi, Khajuraho and others, which are fast emerging as global centres for cultural convergence and business exchange. India’s infrastructure transformation — marked by over 1.5 lakh km of new roads, upgraded railway networks, semi-highspeed trains, inland waterways, more than 150 airports, and over 2.48 million hotel rooms — has played a critical role in enabling this growth.
According to Suman Bery, vice chairperson of NITI Aayog, India’s G20 presidency had been a catalyst for growth in the MICE segment. “It’s time for states to capitalise — from deregulation to concert tourism, India can become a global epicentre for events and experiences,” he said. “The successful hosting of the G20 Summit has further placed India in the global spotlight, affirming our readiness to host high level international events while showcasing our regional diversity, capability, and resilience,” added Pradeep Shetty, VP FHRAI.
Meetings was the largest segment with a revenue share of 42.91 per cent in 2024, according to Horizon Grand View Research. MICE tourism benefits the economy in several ways, including opening up new business prospects, spreading knowledge, offering training, and improving skills. MICE destinations play a key role in market growth. (Source: The Asian Age)
