Corporate travel, MICE, live events to boost operating performance of hospitality industry: Report
New Delhi [India], June 22 (ANI): The hospitality industry will maintain strong operating performance in the near term, supported by strong corporate travel, MICE activity, live events, and a buoyant wedding season, according to a report by Antique Stock Broking Limited.
As per the report, medium-term growth of the industry is expected to be driven by sustained demand-supply imbalances and a healthy pipeline of new hotel additions.
The hospitality sector has significantly benefited by the increased demand from the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.
'The hospitality industry should continue to deliver strong operating performance in the near term aided by strong corporate demand, MICE, live events, and the wedding business,' the report added.
This growth has resulted in a sharp increase in Average Room Rates (ARRs) and occupancy levels.
The sector is expected to be in a long-term upcycle, supported by shifts in consumer preferences, rising disposable incomes, and increased travel spending, say several experts.
In the fourth quarter, the large hotel firms reported strong demand, and they highlighted strong demand visibility for 1Q and FY26 driven by large-scale events, concerts, conferences and weddings.
The hotel industry executives anticipate the strong rate growth momentum to continue in the near term, as highlighted in the report.
Several reports say that the overall industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.4 per cent from FY24 to FY29, outpacing supply growth at 9 per cent.
India's tourism sector, rich in heritage, culture, and diversity, is emerging as a global favourite and a key driver of economic growth.
Recognising its potential for employment-led development, the Union Budget 2025-26 has allocated Rs 2541.06 crore to enhance infrastructure, skill development, and travel facilitation.
A major initiative includes developing 50 top tourist destinations in partnership with states through a challenge mode, ensuring world-class facilities and connectivity.
As per the government data, the tourism sector's contribution to GDP regained the pre-pandemic level of 5 per cent in FY23. The tourism sector created 7.6 crore jobs in FY23. International tourist arrivals (ITAs) in India have rebounded to pre-pandemic level in 2023.
The share of India's ITAs in World ITAs stands at 1.45 per cent in 2023. Foreign exchange earnings through tourism were 28 billion USD. India received 1.8 per cent of world tourism receipts and attained a rank of 14th worldwide in world tourism receipts during 2023. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
an hour ago
- India.com
SpiceJet Asked To Pay Rs 25,000 To Senior Citizen For Issuing Wrong Ticket
Mumbai: The District Consumer Disputes Redressal Commission in Mumbai (Suburban) has directed budget airline SpiceJet to pay Rs 25,000 to a senior citizen for issuing incorrect flight tickets, causing him mental stress and financial loss. The incident took place in December 2020, when the senior citizen from Ghatkopar had booked a round-trip ticket from Mumbai to Darbhanga with SpiceJet. While his onward journey went as planned, the return flight was cancelled due to bad weather. Acknowledging the urgency of the passenger's situation -- he had to attend a PhD online exam in Mumbai on December 8 -- the airline arranged an alternate route via Patna and Kolkata. However, the replacement booking turned out to be flawed. The connecting flight from Kolkata to Mumbai was scheduled to depart before the passenger would even arrive in Kolkata from Patna. This mistake left him stranded in Patna, forcing him to purchase a new ticket for the next day using his own money. As a result, he also missed his important online examination. The senior citizen later approached the consumer forum, accusing the airline of negligence and deficiency in service. He demanded a refund of Rs 14,577 along with Rs 2 lakh for mental agony and Rs 25,000 for legal expenses. SpiceJet responded by stating that the flight was cancelled due to bad weather, which was beyond their control, and that they had refunded the ticket fare through the booking agent. They also said they had issued the alternate flight ticket free of cost. While the consumer commission accepted that the flight cancellation was not the airline's fault, it pointed out that the issuance of an incorrect ticket was a clear act of negligence. Although the airline later reimbursed the complainant, the commission said this did not excuse the initial error. The commission also remarked that the passenger could have avoided further trouble by carefully checking the ticket at the time of issuance. Despite this, it concluded that the airline was at fault for causing unnecessary stress and inconvenience. In its final order passed on June 17, the commission directed SpiceJet to pay Rs 25,000 as compensation for mental agony and Rs 5,000 towards litigation expenses.
Time of India
an hour ago
- Time of India
Sambhv sets IPO price range, values company at Rs 2,400 crore
MUMBAI: Sambhv Steel Tubes, a manufacturer of electric resistance welded steel pipes and structural tubes, has priced its initial public offering (IPO) between Rs 77 and Rs 83 a share, allowing the company to raise up to Rs 540 crore. The IPO, which is a combination of fresh issue and offer for sale, will be open for public subscription from June 25 to June 27. The promoters, Brijlal Goyal and his family, will sell Sambhv shares worth Rs 100 crore in the IPO. At the upper price of Rs 83 per share Sambhv's market capitalisation will be just over Rs 2,400 crore. The proceeds from the fresh issue, totaling Rs 440 crore, will be used to repay borrowings and for general corporate purposes. As of March-end 2024, Sambhv had a debt of Rs 347 crore. In FY24, the company, based in Raipur, made a profit of Rs 82 crore on revenue of Rs 1,286 crore. In addition to the steel pipes and structural tubes business, Brijlal Goyal and his family are also involved in the plastic business. However, the steel business under Sambhv is their largest venture. Sambhv is a name created by combining the first letter of the names of six family members. The 'B' in Sambhv stands for Brijlal, while 'S' and 'V' represent Suresh and Vikas, who are Brijlal's two children. Suresh serves as the chairman of Sambhv, while Vikas holds the position of MD. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India.com
an hour ago
- India.com
Meet actor who once sold products door to door, one film changed his life, became a star, was called ‘next Shah Rukh Khan', built Rs 1200 core business, he is…
He may have entered Bollywood with Ram Gopal Varma's Company (2002), but Vivek Oberoi's biggest role has unfolded far beyond the silver screen. While many remember him for films like Saathiya and Masti, few know that this actor-turned-entrepreneur built a business empire worth Rs 1200 crore, largely without help, not even from his superstar father, Suresh Oberoi. Despite being born into a film family, Vivek's journey was anything but privileged. In a recent podcast interview, the actor peeled back the layers of his public persona to reveal a sharply honed business mind, one that took root when he was just 10. At an age when most kids were lost in video games, Vivek was busy selling door-to-door and pitching marketing strategies to his father. 'Dad would bring home a product and ask me to make a business plan. Then he'd quiz me — 'How will you sell this?' That's how I learned,' Vivek shared. But there was no silver spoon. In his own words, 'He told me, 'I'm rich. You're not. You'll become rich — but on your own.' The words stuck. By the age of 19, Vivek had already earned $3 million for his first company. He sold it four years later at 23. Today, he claims to have taken nine companies public in the Indian stock market and is preparing to launch four more. On the professional front, Vivek hasn't delivered many hits lately. His last prominent appearance was in PM Narendra Modi (2019), where he played the lead role. In 2024, he appeared in the historical action film Kesari Veer alongside Suniel Shetty and Sooraj Pancholi, though the project didn't make major waves. For now, his film calendar appears empty. But even without a blockbuster, Vivek Oberoi is far from irrelevant. His sharp pivot from screen to stocks has redefined his legacy, one built not on box office numbers but on boardroom deals.
