India’s travel market is projected to grow 18% in 2013 to reach $23.2 billion, faster than last year’s 11% pace, helped by increased train fares, fleet expansion by airlines and new supply of hotel rooms, according to travel research firm PhocusWright Inc.
That includes the online travel market, which is poised to log a 27% increase in revenue to touch $8.8 billion, PhocusWright said in a report released this week. The pace of growth is 1 percentage point slower than last year’s.
The forecast is good news for an economy that’s struggling to recover from its slowest pace of growth in a decade while airlines have been battling heavy debt and rising operational costs. The depreciating rupee, which has weakened 7% against the dollar since the start of June, makes it a cheaper destination to visit for foreign travellers.
The long-term growth outlook for India’s travel market, too, remains robust. Gross travel bookings will reach $28.8 billion in 2015 as compared to the current $19.6 billion, and online gross bookings are estimated to touch $12.5 billion, up 80% over 2012, said the report.
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