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India has recorded “dramatic” growth in its business travel sector with the country expected to be a leader in the industry over the coming decades, a new report has found.
The Global Business Travel Association (GBTA) has forecasted total business travel spend in India to grow 9.8 per cent in 2015 and 10.9 per cent in 2016.
In the organisation’s BTI Outlook India report it said the country is poised for “economic harmony” after the country’s GDP grew 7.5 per cent during the fourth quarter of 2014 resulting in annual growth of 7.4 per cent over 2013.
“The combination of an aspirational middle class, positive government reforms and strong economic sentiment has resulted in an increased demand for business travel,” said TR Ramachandran, group country manager India and South Asia.
“The shift towards electronic payments is making it easier for companies to track travel expenditure and more convenient for employees to manage their spending when abroad and reconcile their expenses on return.”
GBTA executive director and COO, Michael W. McCormick, said: “If India continues on its current growth path, it will be a world leader in business travel for decades to come.”The study also showed that International outbound (IOB) travel from India is much more volatile and slower growth in China has put downward pressure on the growth of Indian IOB over the last few years. GBTA expects IOB spending to grow 7.9 percent in 2015 and 7.3 percent in 2016.
The report, a semi-annual analysis that relates to economic events impacting India’s business travel market, is available to view here.