• India to be 6th largest business travel market in the world by 2019

    Ramesh Tiwari
    February 10, 2017
    India to be 6th largest business travel market in the world by 2019

    Posted by TravelBizNews —

    Delhi : India will become the 6th largest business travel market in the world by the end of 2019 according to latest study of Global Business Travel Association (GBTA).

    GBTA Foundation ,the voice of the global business travel industry, recently announced the results of its latest GBTA BTI Outlook – India report, a semi-annual analysis that relates unfolding economic events at home and abroad to their resulting impacts on India’s business travel market.

    The report reveals continued double digit business travel spending growth for India, despite fears of fallout from the country’s demonetization efforts.

    In November, Prime Minister Modi surprised domestic and international markets with his announcement that 500 and 1,000 rupee notes would no longer be considered legal tender, effective immediately. While these larger denomination notes fueled corruption, the shadow economy and counterfeiting, there was also fear that the move could dislocate legitimate economic activity, especially in the short-term.   

    “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 demonetization efforts, India saw a 10.9 percent growth in year-over-year business travel spending for the second quarter of 2016 – even higher than our last report projected.”

    The GBTA Foundation report forecasts 11.4 percent growth in business travel spending in 2016, followed by another 11.6 percent in 2017 – both increases over our previous forecast – reaching $36.8 billion USD. India continues to climb the world rankings of business travel markets, moving up five spots during the early 2000s to become the 10th largest global business travel market at the end of 2015. Forecasts predicted India would pass Brazil last year and will likely surpass both South Korea and Italy in the coming year.

    Additional highlights of the report include:

    With 7.3 percent year-over-year growth in 2016 Q3 GDP, India remains the fastest major growing economy in the world.

    Currently the WEC’s Global Competitiveness Report ranks India 74 out of 140 countries for infrastructure, but we expect India’s ranking to continue to improve as the country continues to invest in its infrastructure.

    Hotels are an important part of the infrastructure for business travel. The construction of new hotels has been burdened by high rates of taxation and long approval processes, but the situation is improving. It remains to be seen if reforms can move fast enough to keep up with the rising demand for hotel rooms.

    GBTA forecasts domestic business travel spending will continue to grow at consistently high rates, 12 percent this year and 11.8 percent in 2017, reaching $33.8 billion USD.

    India’s international outbound (IOB) business travel spending has shown subdued growth in the 5-6 percent per year range. Our IOB forecast for 2016 has been revised upward from 3.1 percent projected previously to 5.4 percent. It seems commodity prices may have finally found their footing and bottomed out, and the brightening prospects for increased trade activity, especially with the oil-rich MENA region, should help to push IOB spending forward by 9 percent in 2017.  

    Collectively, GBTA’s 9,000-plus members manage more than $345 billion of global business travel and meetings expenditures annually.

    Feb. 2017

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      News Brief

      Beijing: China’s economy grew by 6.9% in 2017 according to official data – the first time in seven years the pace of growth has picked up. The figure beats Beijing’s official annual expansion target of about 6.5%. Gross domestic product (GDP) totaled 82.71 trillion yuan (about 12.84 trillion U.S. dollars) in 2017, with the service sector accounting for more than half of the total.

      Shanghai: China Eastern Airlines and other domestic airlines have begun to allow mobile phone use on their aircraft or announced plans to lift a ban. China Eastern Airlines and Hainan Airlines began to allow passengers to use portable electronic devices (PED), such as smartphones and tablets.China Southern Airlines and Xiamen Airlines announced they would allow mobile phone use on all their flights this week.

      Washington:  The hottest year on record was 2017 without a warming El Nino event, revealing a clear signal of continuing, human-caused climate change on our planet. The U.S. space agency NASA found 2017 to be the second warmest since modern recordkeeping began in 1880, while the U.S. National Oceanic and Atmospheric Administration (NOAA) ranked it as the third warmest. – Agencies

      2017 in review -Top stories

      January 1 : New year nightclub attack leaves 39 dead in Istanbul
      January 20 : Republican billionaire Donald Trump sworn in as 45th US president
      January 23 : Syria peace talks begin in Kazakh capital Astana
      March 29 :United Kingdom officially launches the Brexit process
      April 4 :Syria launches chemical attack killing 90 people
      April 6 : US cruise missiles destroy Syrian air base
      April 9 : Bombings at two churches in Egypt kill dozens
      April 16 : Refugee death toll passes 1,000 in Mediterranean
      April 16 :Turkey says YES to presidential system
      May 6 :Emmanuel Macron elected French president defeating Marine Le Pen
      May 19 :Iran’s President Hassan Rouhani wins re-election
      May 22 : Terrorist attack kills 22 at Manchester concert
      June 5 : Gulf nations severe ties with Qatar
      June 7 :Suicide bombers attack Iranian parliament killing 13 people
      June 14 :London fire kills 71 in the 24-storey Grenfell Tower
      July 4 :North Korean leader Kim Jong-un’s missile ambitions
      July 28 : Pakistan’s top court disqualifies Prime Minister Nawaz Sharif from office
      August 5 :US withdraws from Paris climate change pact
      August 17 :Storms cause record damage in Caribbean and southern United States
      August 25 :Muslim Rohingya start fleeing Rakhine state in Myanmar
      September 15 : NASA’s 13-year Saturn mission ends
      September 20 : Earthquake kills more than 200 in Mexico
      September 24 : Germany’s Chancellor Angela Merkel wins fourth term
      September 26 : Saudi Arabia lifts ban on women driving
      October 1 : Gunman opens fire on Las Vegas music festival killing 59 people
      October 14 : Massive bombing in Somalia’s capital Modadishu kill more than 500 people
      October 24 : China confirms the elevation of President Xi Jinping to the same status as the nation’s founder, Mao Zedong, and Deng Xiaoping, by enshrining ‘Xi Jinping thought’ in the party’s constitution at the 19th National Congress of the Communist Party of China
      October 27 : Catalonia declares independence from Spain
      November 4 : S audi Arabia detains 11 princes, four ministers and ten former ministers in a corruption probe
      November 12 : Iran-Iraq magnitude 7.3 earthquake kills more than 500
      November 15 : Argentine navy submarine disappears with 44 crew on board
      November 21 : Robert Mugabe resigns as Zimbabwe’s president after 37 years in power. His former deputy Emmerson Mnangagwa will become president.
      November 22 : Bosnian Serb army commander Ratko Mladic convicted of genocide in Srebrenica during the 1990s Bosnian War
      November 24 : Gunmen kill hundreds at Sinai mosque in Egypt
      December 4 : Houthi militants assassinate Yemen’s former President Ali Abdullah Saleh
      December 5 : Russia banned from 2018 Winter Olympics for state-sponsored doping
      December 6 : US President Donald Trump recognises Jerusalem as the capital of Israel
      December 17 : Price of one bitcoin reaches a new high of $19,783.06 dollars
      December 21 : Yemen’s cholera outbreak
      December 22 : Syria peace talks in Astana (compiled)

      Top ten most visited cities

      Between January and August 2017, destinations worldwide welcomed 901 million international tourist arrivals (overnight visitors), 56 million more than in the same period of 2016 .The top ten most visited cities are:
      CityVisitors
      HONG KONG26.6 million
      BANGKOK 21.2 million
      LONDON19.2 million
      SINGAPORE16.6 million
      MACAU15.4 million
      DUBAI14.9 million
      PARIS14.4 million
      NEW YORK12.7 million
      SHENZHEN12.6 million
      KUALA LUMPUR12.3 million

      Source: Euromonitor International

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