Red carpet for foreign arrivals, make 'India inevitable': Hospitality sector's New Year resolution
The sector, which is poised to contribute USD 1 trillion to India's economy by 2047, however, is looking up to the government for policy interventions, such as unified licensing, workforce upskilling, and targeted infrastructure investments to enable the vertical meet demand generated by India's drive towards becoming the world's third largest global economy.
«India aims to become the third-largest economy by 2047, and the hospitality sector is set to play a pivotal role in achieving this goal. The sector's multiplier effect on the economy surpasses that of manufacturing and agriculture,» Hotel Association of India (HAI) President KB Kachru told PTI.
Asserting that the future of the hospitality industry looks promising, he said, «There is an expectation of higher occupancies and average room recoveries».
Citing a report by IBEF, Kachru, who is also the Chairman of South Asia at Radisson Hotel Group, said, «India's travel market is projected to grow from an estimated USD 75 billion to USD 125 billion by FY27. Additionally, the total number of international tourist arrivals in India is expected to reach 30.5 million by 2028».
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