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    BTN Europe presents an overview of business travel and MICE predictions for this year

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India's 2016 Business Travel Spend Is Expected to Hit $33 Billion

By JoAnn DeLuna / 2 February 2017 / Contact Reporter
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India is one of the fastest-growing economies in the world, and the business travel spend that originates there is expected to reach $33 billion in 2016 once the final tally is in. That's up from $29.6 billion in 2015, according to a Global Business Travel Association report.

"Our general outlook for Indian business travel spending remains very positive and has even improved slightly since our previous outlook," issued about six months ago, the report noted. In July, GBTA had estimated that business travel spend growth from the second quarter of 2015 to the second quarter of 2016 would come in at 10.2 percent. Now that those numbers are final, GBTA has found that business travel spend grew 10.9 percent during that period.

GBTA also has revised its growth estimate for international outbound business travel in 2016 from 3.1 percent to 5.4 percent. And the association projects faster growth this year. "The brightening prospects for increased trade activity, especially with the oil-rich [Middle East and North Africa] region, should help to push [international outbound business travel] spending forward by 9 percent in 2017," according to the report.

GBTA expects domestic business travel spend, which it estimates represented 91.4 percent of India's total business travel spending in 2016, to increase 12 percent to $30.2 billion in 2016 and to reach $33.8 billion in 2017.

At the end of 2015, India became the 10th largest global business travel market, and GBTA expects the country to climb into the sixth spot by 2019.

The Challenges

"India's inadequate infrastructure continues to present a significant bottleneck for [economic] growth, but vast improvements are in the pipeline," including Prime Minister Narendra Modi's plans to improve ports and transportation and urban infrastructure, according to GBTA.

To fight corruption, the shadow economy, inflation and counterfeiting, Modi announced in November that 500 rupee notes and 1,000 rupee notes no longer would be legal tender. "While the goal of greater financial transparency is laudable, the move could also dislocate legitimate economic activity, especially in the short term," GBTA said.

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