Domestic travel, tourism sector ready to capitalise on upcycle: IHCL MD Puneet Chhatwal
travel and tourism sector is well-positioned to capitalise on an upcycle, driven by factors, including the demand-supply gap, penetration opportunities in Tier II and Tier III markets and rebound in foreign tourist arrivals, according to Indian Hotels Company Ltd Managing Director and CEO Puneet Chhatwal. In his address to shareholders in the company's Annual Report for 2023-24, Chhatwal said the Tata group hospitality firm is uniquely placed to capitalise on the opportunities provided by a dynamically growing industry.
The company plans to make its 'Gateway' brand — a full-service hotel offering in the upscale segment targeting emerging micro markets in metros, Tier II and Tier III cities — 100 hotels portfolio by 2030, he added.
«In India's evolving economic landscape, tourism has emerged as a powerful force driving not only economic growth but also forging a path towards a brighter and more inclusive future. With its rich cultural heritage and warm traditions, hospitality in India has undoubtedly arrived on the world stage,» he wrote.
He further said India's growth story is characterised by a dynamic interplay of economic expansion, changing consumer preferences, and evolving aspirations. Increasing affluence is leading to new trends like the rise of premiumisation, experiential travel and brand consciousness.
«The Indian travel and tourism industry is ranked among the fastest-growing economic sectors in the country, contributing to employment generation and regional development,» Chhatwal said.
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