Strong growth in the services industry in the past few years has led to increased corporate spending on business travel. Increasing income and affordability have increased domestic leisure travel in the country. Foreign tourist arrivals in India have increased as India continues to be a favoured tourist destination for leisure, as well as business travel.
India’s well-equipped hospital infrastructure and the low cost of treatment, compared to developed countries, make it a preferred destination for medical tourism. Medical tourism in the country is expected to grow at 29 per cent to reach US$ 2.4 billion by 2012.
The travel and tourism demand is expected to reach US$ 266.1 billion (INR 14,601.7 billion) by 2019. The travel and tourism demand in India has increased at a compound annual growth rate (CAGR) of 16.4 per cent between 2004 and 2009, to reach US$ 91.7 billion (INR 4,412.7 billion). During the same period, foreign exchange earnings from tourism increased by more than 13 per cent to reach US$ 11.39 billion. The demand for quality hotel rooms in India currently exceeds supply.
International tourist arrivals in India have increased at a compound annual growth rate (CAGR) of 8.1 per cent between 2004 and 2009 to reach 5.1 million. The Indian Hotels Company Ltd (IHCL) is the largest player in the industry, while East India Hotels (EIH), ITC, Bharat Hotels, Asian Hotels and Hotel Leela Venture Ltd are among the other key players. There were only 11,000 hotel rooms in Delhi in early 2009, an additional 30,000 hotel rooms will be required in the city for the Commonwealth Games 2010.Sectoral Presentation (April 2010)
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