Budget policies in 2024 could boost Indian hospitality industry's prospects
Union Budget: India, as a land of diversity, architectural wonders, and vast and varied landscapes, makes for an ideal destination for leisure and business tourism. Travellers seek the country not only for cultural and heritage tourism but also on offer is a varied portfolio of niche tourism products — river cruises, adventure, medical, wellness, sports, MICE, eco-tourism, film, rural, and religious tourism. For a few years, the sector was marred by the pandemic, but has now made a massive comeback and holds great potential for growth and contribution to the Indian economy.
The travel and hospitality industry in India is a multi-billion diverse sector driven by factors like disposable income and has attracted the attention of global investors.
Recently domestic tourism has been extremely buoyant. Indians are traveling across the length and breadth of their vast country for leisure tourism, for events and weddings and to experience spirituality. Government schemes like Swadesh Darshan, PRASAD and promotion campaigns like Dekho Apna Desh have aided the strengthening of domestic tourism in the country.
On the other hand, there have been efforts to improve inbound tourism by hosting international events. India’s G20 presidency of 2023, and the Cricket World Cup 2023 among other events have contributed to marketing India globally as a preferred destination for leisure, business, and MICE alike.
The potential of Inbound international travel is huge.
It is heavily dependent however on the attractiveness of a destination and how it is perceived by the discerning traveller. This requires a well-curated marketing and promotion plan in target source markets. International travel is becoming more regional and fewer people are
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