Indian Hotels to Grow Double Digits in 2024: Good News for Travelers

 The Indian hotel industry is expected to achieve double-digit revenue growth in FY2024,  according to a report by Crisil Research. This growth is being driven by a number of factors,  including increased domestic travel,  the return of international tourism,  and the expansion of the hotel industry.

Indian Hotels to Grow Double Digits in 2024

Domestic Travel Driving Growth

The Indian hotel industry has grown primarily due to domestic travel in recent years. This is likely to continue in FY2024,  as the Indian economy continues to grow and disposable incomes rise. The report by Crisil Research estimates that domestic travel will account for around 75% of the total hotel revenue in FY2024.

Return of International Tourism

International tourism is also expected to rebound in FY2024,  as the COVID-19 pandemic subsides and travel restrictions are eased. The report by Crisil Research estimates that international tourist arrivals will increase by around 20% in FY2024. This will be a significant boost for the Indian hotel industry,  as international tourists tend to spend more money than domestic tourists.

Expansion of the Hotel Industry

Indian hotels are popping up everywhere, with new properties opening all over the country. This is being driven by the increasing demand for hotel accommodation from both domestic and international tourists. The report by Crisil Research estimates that around 100,000 new hotel rooms will be added in India in FY2024.

Overall Outlook

The overall outlook for the Indian hotel industry in FY2024 is very positive. The industry is expected to achieve double-digit revenue growth,  driven by increased domestic travel,  the return of international tourism,  and the expansion of the hotel industry.

Impact on the Economy

The growth of the Indian hotel industry is expected to have a positive impact on the overall economy. The industry employs millions of people and contributes billions of dollars to the GDP. The growth of the industry is also expected to boost other sectors of the economy,  such as transportation,  food and beverage,  and retail.

Conclusion

The Indian hotel industry is well-positioned for growth in FY2024.The travel industry is booming,  thanks to increased domestic travel,  the return of international tourists,  and the construction of new hotels. The growth of the industry is expected to have a positive impact on the overall economy.