FCM Travel Solutions and KPMG release white paper on business travel in India
FCM Travel Solutions and KPMG released a white paper on business travel in India on Monday which highlights business travel in India will treble from the present level by 2030 and will grow at the rate of 12% over the next five years. India is currently ranked among the top ten business travel markets with a spend of $29.6 billion in 2015.
India is expected to more than triple to US$ 93 billion by 2030. In 2015, India saw a 15% increase in business travel spending, which will grow by a compound annual growth rate (CAGR) of 12% through 2020 to 6% by 2030 according to the whitepaper. This increase according to the paper, will be greater than the increases in business travel growth in the next 3 largest countries combined, including South Korea, Italy and Brazil. Thirteen years from now (by 2030), India will likely be amongst the top 5 in business travel spending.
The mix of sectors contributing to this growth is led by IT, pharmaceuticals and auto and construction.
Jaideep Ghosh, Partner and Head, Transport, Leisure and Sports, KPMG in India said, “Despite some recent economic speedbumps, the business travel market remains incredibly robust and dynamic with a number of countries such as India, China, Germany and Canada, growing at a remarkable rate. The report predicts that India will emerge as a leader in business travel spending over the next decade or so. In fact when one looks at India, one sees one of the highest growth rates in business travel in the entire world. If India continues on that trend, in another 15-20 years, it will surpass the U.S. as well and be second only to China. In fact India is statistically where China was close to 15 years.”
News Source: economictimes.indiatimes.com
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