The tourism industry in the country is at its peak. India has emerged as a superpower in the field of tourism in recent years. The share of tourism sector in India’s GDP is said to be up to 10 percent. According to the data, every year about 3 crore people from the country go abroad for tourism, while the number of domestic tourists is up to 50 crores, who go out for tourism or pilgrimage at least once a year. Sanjeev Agarwal, Founder and CEO of Fairfest Media Limited, said this on Thursday while talking to journalists on the occasion of the inauguration of the three-day BLTM 2024 organized at Yashobhoomi (IICC) located in Dwarka.
He said that if the tourism sector in the country is to be strengthened, then the country’s railway network will have to be strengthened. The country has a very large railway network, which needs to be improved. He said that according to an estimate, India’s MICE tourism market will grow at a CAGR of 6 percent between 2024 and 2029, which shows the increasing importance of MICE in the country’s tourism industry. According to the Indian Exhibition Industry Association, the value of this industry was $ 709 million in 2019, and according to an estimate, it will grow at a CAGR of 10.25 percent to reach $ 1283 million in 2025.
It is worth noting that the BLTM 2024 Expo held at Yashobhoomi is the largest ever edition of the MICE show in India with over 500 exhibitors from several countries and 21 Indian states and union territories. The three-day event, BLTM 2024, offers travel trade visitors a unique opportunity to connect with domestic and international exhibitors. As India’s only exclusive B2B show, it is set to become a major hub for networking, collaboration and bargaining. The official participants at BLTM 2024 include 5 National Tourism Organizations, 7 State Tourism Boards and the Ministry of Tourism, Government of India. This edition will be the largest edition of BLTM ever with over 10,000 travel trade professionals, 150 MICE planners, 100 corporate buyers, 50 international buyers from South-East Asia, GC and Russia and 80 wedding planners.
Present at the inauguration of the event were Florian Sengstschmidt, CEO, Azerbaijan Tourism Boards, Hul Saila, Under Secretary of State, Ministry of Tourism, Cambodia, Alexander Sitnikov, representative of the Russian Ministry of Economic Development, Krishnath Fernando, General Manager, Sri Lanka Convention Bureau, R.K. Suman, Regional Director, North, Indian Tourism: Anjali Yadav, IAS, Director, Jharkhand Tourism, Jyoti Mayal, President, Travel Agents Association of India (TAAI), etc.
Speaking on the occasion, Jyoti Mayal, President, TAAI said, “India’s travel and tourism industry is a key pillar of the country’s economy, contributing 10% of GDP and generating $78 billion annually. It is estimated that the industry will generate 53 million jobs and attract 30.5 million travellers by 2029, which reflects the growth potential of the sector.
With the sector estimated to reach $253 billion by 2030, there is immense growth potential in this sector. This year, the number of outbound tourists from India is expected to reach 27 million, which will be at par with the pre-Covid era. India’s travel and tourism market is projected to reach $22.30 billion in 2024 and $34.11 billion by 2029. These figures confirm the potential of the industry. With the support from the government, especially the reduction in GST and better marketing, we expect rapid growth in India’s global tourism.