This is a big sector in USA. How much will India grow in the sector. Is presently the trend in favor owned offices and shops?
India has an estimated 1,70,000 hotel rooms. Even with the expected addition of another 60,000 hotel rooms (across segments) over the next 3-5 years, the industry is expected to fall short of meeting the long term demands of an economy growing at 7-9% p.a.
As per IBEF, the number of foreign tourist arrivals (FTAs) in India grew 4.5% during January-November 2015. The number of FTAs in November 2015 was 8,15,000.
According to a joint report by FICCI and KPMG, the medical tourism market in India is projected to reach US$ 3.9 billion mark this year having grown at a CAGR (compounded annual growth rate) of 27% over the last three years.
As per a report by ICRA, the domestic hotel industry is estimated to touch US$ 1.8 billion by 2016, from US$ 0.8 billion presently.