India Hospitality Market (2021

Dublin, December 30, 2021 (GLOBE NEWSWIRE) – The “Hospitality Industry in India – Growth, Trends, Impact of COVID-19 and Forecast (2021 – 2026)” the report was added to ResearchAndMarkets.com offer.

The hospitality industry in India has experienced moderate growth in recent years and has great potential to score even more numbers in the future.

The nation, rich in culture and diversity, attracts large numbers of tourists from all over the world. India has also been recognized as a spiritual tourism destination for international and domestic tourists. India is showing continued growth in its position, from 65th in 2013 to 34th in 2019 in the World Economic Forum’s Travel and Tourism Competitiveness Index.

On the other hand, the steadily growing middle class, increasing levels of their disposable income, the growing interest of millennials in traveling to their home countries are some of the main reasons that make the travel industry profitable national travel.

To attract millennials like Airbnb, Oyo Rooms have changed hospitality scenarios globally and offer price-sensitive stays in most prime locations with flexible check-in and check-out options to attract the growing number of travelers.

The hospitality and tourism industry experienced healthy growth and accounted for 7.5% of GDP.

India is among the Top 100 Clubs on Ease of Doing Business (EoDB) and ranks first in the Global Ranking of All-New FDI and To Strengthen the Cruise Tourism Industry, the Government of India (GoI) has selected Chennai, Goa, Kochi, Mangalore, and the ports of Mumbai to develop them as cruise tourism hubs. These terminals will have facilities such as hospitality, retail, shopping and restaurants.

Less than three million foreign tourists visited India in 2020, a drop of around 75% from the previous year, due to travel restrictions imposed to control the coronavirus pandemic.

To incentivize tourism industry stakeholders, the Market Development Assistance Program (MDA) guidelines to provide financial support to stakeholders for the promotion of domestic tourism have been amended to improve the reach and the scope of the program, in order to provide maximum benefits to stakeholders. In addition, promotional activities have been integrated, including online promotions, and the scope of authorized financial assistance has been increased.

Due to the COVID-19 pandemic, India’s hotel sector is one of the worst affected segments of the economy, contracting by 47% in April-June 2020, according to data released by the National Statistical Office (NSO) August 31, 2020 The hospitality industry, in May 2020, experienced a 77% decrease in occupancy compared to the same period last year. ]

The national hospitality industry, which has been severely affected by the COVID-19-related disruption, is expected to experience a drop of more than 65% in 2021.

Key market trends

Growing number of international tourists is driving the market

India registers an increasing number of foreign tourists year by year. The nation’s cultural foundations, diversity of traditions and food choices make it a nation rich in heritage along with several other factors. In 2017, India received for the first time more than 10 million foreign tourists, registering a growth of 14% from the previous year 2016 and almost double the number it has received over the years. 2009 and 2010.

The Travel and Tourism Competitiveness Index ranked India 34th out of 136 countries in 2019 and in the price competitiveness category, India’s tourism sector was ranked 10th out of 136 countries, which means that the India is an affordable travel option for most international travelers from developed countries.

By improving infrastructure, the government is trying to attract more tourists

The government has made efforts to boost investment in the Indian tourism sector. India received foreign direct investment of INR 4 30,000 Cr (USD 60.1 billion) in 2016-2017. Free FDI inflows are authorized in the majority of sectors by the government, with the exception of the main sectors such as defense, atomic energy.

The 100% FDI in the hotel and tourism sector paves the way for more investment in the country automatically. A 5-year tax holiday has also been offered for 2- to 4-star category hotels which will be located around UNESCO World Heritage sites (except places like Delhi and Mumbai).

Special Tourist Zones (STZ) which aim to promote tourism and investment in the sector are at the negotiation stage, which, if adopted, the government will provide one-stop-shop authorization for the establishment of the zones. An STZ must be established in tourist towns, destinations, along the coast. They will offer 100% tax exemption for a period of 10 years.

It is proposed to develop the STZ where there will be a provision for 2,000 to 3,000 hotel rooms (existing or to be built), entertainment facilities, amusement parks, shops, etc. There will also be an exemption from import duties on various goods capital, followed by the abolition of the luxury tax, etc.

Companies mentioned

  • Oberoi Hotels & Resorts

  • ITC Hotels

  • The park hotel

  • Leela’s palaces, hotels and resorts

  • Taj Hotels

  • Citronnier Hotels

  • Hyatt Hospitality Company

  • Marriott International, Inc

  • Radisson Hotel Group

  • OYO rooms

For more information on this report, visit https://www.researchandmarkets.com/r/nufk41

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