Chennai: By 2030, the size of the conference, conference and event market in India will double to US$100 billion.
The Indian rat (conferences, incentives, conferences and events) market is worth US$49.4 billion in 2024 and is expected to more than double to US$100.3 billion by 2030, growing at a strong CAGR of 13%, according to a government statement.
According to FHRAI, growth is a direct result of bold policy decisions, infrastructure modernization, and strategic developments of new rat-ready destinations such as Varanasi, Khajuraho, Khajuraho, Khochi, etc., which are rapidly developing rapidly becoming global cultural inversion and commercial exchange centers.
India's infrastructure transformation (with more than 150,000 kilometers of new roads, upgraded railway networks, semi-high-speed trains, inland waterways, over 150 airports and over 2.48 million hotel rooms markings) play a crucial role in achieving this growth.
Niti Aayog Vice Chairman Suman Bery said India's G20 presidency has been a catalyst for growth in the mouse sector. “From deregulation to concert tourism, it’s time to make the country a global epicenter for events and experiences,” he said.
Pradeep Shetty added: “The host of the successful host of the G20 summit further puts India in the focus of global attention, affirming our preparation for hosting advanced international events while demonstrating our regional diversity, capabilities and resilience.”
According to Horizon Grand View Research, the conference is the largest segment with a revenue share of 42.91%.
The mouse tourism industry benefits the economy in several ways, including opening up new business prospects, spreading knowledge, providing training and improving skills. Mice destinations play a key role in market growth.
In India, central and state governments have greatly promoted mouse destinations. The state government is tasked with providing last-mile connectivity, local citizen infrastructure and services, and promoting core mouse infrastructure, while the central government is responsible for promoting India's international market, developing aviation infrastructure and liberalizing visa regimes.
India's exhibition industry is also developing rapidly, which will accelerate market growth over the forecast period.
