Key Points
New Delhi: In a year defined by challenges, including soaring hotel fees, increased airfares, and heightened movement costs, it was a promising 2023 for the tourism and travel sector..
Indeed, Indias hotel industry surged back to life, driven by a post-covid uptick in travel..
Structurally, the Indian hospitality sector is not constructing truly inspiring and iconic luxury hotels that would attract visitors, instead, it is focusing on cookie-cutter properties, and missing the opportunity to showcase Indias splendour, he added..
It is worth noting that earlier this year, India cut its budget for overseas tour promotions, Incredible India campaign, from 524 crore in 2021-22 to 341 crore in FY23 and a mere 167 crore for FY24, raising doubts about how long it will take for international travellers to return to the levels seen before the pre-pandemic times..
Although 2024 might not show any significant change in hotel building pipeline, we will have to see how the economy does till 2029, since the Indian domestic travel market is very buoyant now, and hotel companies are not really worried about international travellers coming in," added Chopra...
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