New Delhi

An inaugural Corporate Travel Summit hosted by FCM Travel India, highlighted that India’s business travel industry is expected to grow and reach $38.2 billion in the year 2024.

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Hosted on February 27 in Mumbai, the event was powered by the Global Business Travel Association (GBTA), and brought together over 150 industry professionals, including key decision-makers, to discuss the latest trends and insights shaping the future of business travel in India.

The summit also noted India's position in the global business travel landscape.

According to Sunny Sodhi, Managing Director of FCM Travel India, " India is the 9th largest travel market in the world for business travel spending. It is the 4th largest market for the Asia Pacific region, representing 5.7 per cent of business travel spending in the region."

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2024 business travel spending projected to reach $38.2 billion

The Indian business travel market witnessed a remarkable 24.7 per cent growth in 2023, and experts anticipate an additional 18.3 per cent increase in 2024, reaching an estimated value of $38.2 billion.

This growth is attributed to various factors, including the increasing adoption of technology, a growing focus on wellness and unique experiences, and the reopening of China.

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Pre-pandemic levels expected by 2025

The industry is optimistic about a swift recovery.

Catherine Logan, Regional Vice President of EMEA & APAC at GBTA, concluded by stating, "India will fully reach pre-2019 spending levels by 2025 and is expected to reach 120 per cent of its pre-COVID business travel spend in 2027."

Technology and sustainability at the forefront

Manpreet Bindra, FCM Meetings & Events Leader for Asia, highlighted the growing prominence of technology in the meetings and events industry.

"Technology-enabled events are here to stay, and we use artificial intelligence and virtual reality to enhance and elevate guest experiences," he said.

He further highlighted the rising demand for wellness-focused experiences, citing examples like walking tours in Maasai Mara and dinners along the Mara River.

India: A promising market for future growth

FCM Travel Asia's Managing Director, Bertrand Saillet, reinstated the positive outlook for the Indian market, saying, “Asia has continued to outperform, with a significant 44 per cent increase in revenue as announced in our Mid-Year Results FY2024.”

"This is fuelled by strong performance across Southeast Asia, India, and the re-opening of China, hence we are witnessing growth opportunities in India and Southeast Asia in FY2025," he added.