India recorded double-digit business travel spending growth last year, making it the world’s fastest-growing major business travel market in 2016, according to The Global Business Travel Association (GBTA) Foundation’s latest BTI Outlook – India report.
“India continues to position itself to become a world leader in business travel for decades to come,” said Gaurav Sundaram, GBTA India regional director. “Despite fears surrounding the demonetisation efforts, India saw a 10.9 per cent growth in year-over-year business travel spending for 2Q2016 – even higher than our last report projected.”
The report also forecasts 11.6 per cent growth in business travel spending in 2017 to reach US$36.8 billion, up from 11.4 per cent the previous year.
Moving up five spots since the early 2000s to become the 10th largest global business travel market in 2015, India was expected to overtake Brazil last year. It is projected to outperform both South Korea and Italy in the coming year to become the world’ sixth largest business travel market by the end of 2019.
Meanwhile, India’s domestic business travel spending is forecasted to grow at consistently high rates of 11.8 per cent this year, from 12 per cent last year, to reach US$33.8 billion. The country’s international outbound business travel spending is estimated to have grown 5.4 per cent last year and to jump to nine per cent in 2017.