The travel and tourism industry in India has been a significant contributor to the country’s GDP, accounting for approximately 6% in 2022. The industry is projected to continue growing, with revenue expected to reach nearly $24 billion in 2024 and $34.25 billion by 2028. Efforts are being made to boost tourism in India, including welcoming foreign direct investment in tourism-related ventures, preserving heritage sites, and improving transportation infrastructure to enhance visitor experiences.
Radisson Hotel Group recently opened its first property in Odisha, the Pramod Lands End Resort in Gopalpur. The company is focusing on tier 2 and 3 cities in India, with more than half of its portfolio located in these markets. In 2023, Radisson signed 21 properties and is looking to expand to key spiritual destinations and inland locations. Similarly, Fly91, a new airline in India, is expanding its network to six destinations, with plans to grow to 50 cities within the next five years by inducting 30 aircraft to its fleet.
ITC Hotels opened Storii by ITC Hotels, The Kaba Retreat in Solan, Himachal Pradesh, catering to experiential travelers. The company aims to expand the brand and add more properties in leisure destinations across India. However, the conversion of Delhi airport’s terminal T2 into an all-international terminal has been delayed until April 2025. Initially scheduled for this year, the conversion has been postponed to ensure all terminals are operational during the winter season and avoid delays due to crucial runway repairs.
Additionally, Spree Hospitality, a subsidiary of EaseMyTrip, opened ZiP By Spree Hotels Bella Heights in McLeod Ganj, Himachal Pradesh. The company focuses on the boutique and mid-market segments, with a portfolio of over 30 hotels across India. Overall, the travel and tourism industry in India is on a growth trajectory, with an increasing focus on enhancing visitor experiences, expanding into new markets, and investing in infrastructure to support tourism activities. As the industry continues to evolve and adapt to changing consumer preferences, opportunities for growth and innovation are expected to abound.
