‘Meetings, events, conference travel outpacing business travel’
₹3-5 lakh per person in some of the premium groups. “MICE travel has now become a year-round activity," Meera Charnalia, executive vice president and head of the category for the business told Mint.
The company said since it is a partner for the G20 summit, its team has been contracted to manage approximately 33% of the overall business and has already managed 35 events in 28 cities. While there is no official estimate on how big the events business in and out of India is, a good data set to consider is the domestic growth rate of the airline industry.
The Directorate General of Civil Aviation’s estimates between January and March 2023 showed a 51.7% year-on-year passenger growth domestically. According to a report by the government, ‘Nation Strategy for MICE Industry 2022’, the exhibition industry in India was growing at a rate of over 8% in the past few years outpacing the GDP growth rate of the country.
The trade fair sector in India is estimated to be ₹23,800 crore by way of economic impact generated through the organized sector and the sector generates ₹3 lakh crore worth of business through exhibitions held in the country. India now has over 25 purpose-built venues in the country for hosting exhibitions.
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