The Global Business Travel Association (GBTA) Foundation, announced the results of its third GBTA BTI™ Outlook – India report, sponsored by Visa Inc., which includes an index of business travel spending that tracks market performance over time, reports Hospitalitynet.
“India is poised for economic harmony as the region is strongly growing in the short-term and is also in an excellent position for the long-term,” said Michael W. McCormick, GBTA Executive Director and COO. “If India continues on its current growth path, it will be a world leader in business travel for decades to come,” he said.
Key highlights of the report are:
• India’s total business travel spend to grow 9.8 percent in 2015 and 10.9 percent in 2016
• India’s GDP grew 7.5 percent during the fourth quarter of 2014 resulting in annual growth of 7.4 percent over 2013
• The consumer sector has been trending upward for the most part of the past two years
• Inflation is down from a year-over-year high of more than 11 percent in November 2013; consumer inflation fell to a low of 4.4 percent in 2014.
• GBTA forecasts domestic business travel to hit double digit growth in 2015 and 2016 growing 10.1 percent and 11.3 percent respectively.
• GBTA expects international outbound travel spending to grow 7.9 percent in 2015 and 7.3 percent in 2016.
• Infrastructure presents a challenge for India, but Prime Minister Modi has made the development of the country’s infrastructure a cornerstone of public policy. India has also announced a new tourism policy will be launched in May that will likely focus on various issues including tourism infrastructure.
