Indian Hospitality Sector – Crystal Gazing Into 2023
The Indian hospitality sector is expected to see accelerated growth in 2023, in spite of ongoing global headwinds and the uncertainty brought on by the occasional COVID-scare. This will be driven primarily by buoyant domestic demand, the gradual revival of inbound travel, and the Indian government’s renewed emphasis on the expansion of the tourism industry, which is expected to contribute US$250 billion to the country’s GDP by 2030. The government also intends to release the National Tourism Policy soon to promote sustainable and inclusive tourism growth in the country. The hotel sector should develop strategies to take advantage of the short- and long-term opportunities that are emerging as the Indian tourism industry gains momentum.
By Mandeep Lamba and Dipti Mohan