Categories: Travel

Indian outbound tourism market set to soar to USD 55 bn by 2034: FICCI-Nangia report, ET TravelWorld

India’s outbound tourism market is projected to reach USD 55.39 billion by 2034, according to the FICCI-Nangia knowledge paper ‘Navigating Horizons: The Rise and Future of Indian Outbound Tourism’. Released at the ‘3rd Outbound Tourism Summit’, the report highlights the market’s anticipated growth from USD 18.82 billion in 2024, achieving a CAGR of 11.4 per cent over the next decade.

The report identifies emerging markets for Indian travellers, including Southeast Asia, the Middle East, Africa, and Eastern Europe. Additionally, India’s online travel market is expected to grow at a CAGR of 10.5 per cent between 2024-29, rising from USD 17.24 billion to USD 28.40 billion, driven by the increasing accessibility of affordable technology.

Strategic interventions suggested by the report for promoting outbound tourism include Bilateral Engagements, Improved Connectivity, Support for travel industry stakeholders, MSME Development, Marketing of International Destinations, Digital Transformation, and Curated Packages.

At the launch, Ambassador Mary M Mutuku, Deputy High Commissioner of Kenya to India, emphasised Kenya’s commitment to promoting itself as a preferred tourist destination for Indians. “India is among Kenya’s top five sources of tourists, and this potential can grow further,” she said, highlighting infrastructure developments like increased flight options and the new cruise terminal at Mombasa port.

Deputy Ambassador Seitenov Darkhan of Kazakhstan noted the significant growth in Indian tourists visiting Kazakhstan, facilitated by a 14-day visa-free regime and increased direct flights. He invited Indian investors to explore opportunities in Kazakhstan’s tourism sector, particularly in developing Indian hotels and restaurants.

In his new role, Gerardo will lead TBO’s global expansion efforts, ensuring a smooth transition as the company enters new markets. He will focus on strengthening TBO’s presence in existing markets while strategically exploring new ones. His approach will centre on tailoring TBO’s cutting-edge travel technology solutions to meet diverse regional demands, cultivating cross-cultural partnerships, and driving sustainable growth across the global travel landscape.

Geshan Dissanayake, Minister Commercial at the Sri Lankan High Commission in India, spoke on the strong bilateral relationship between India and Sri Lanka. He mentioned the integration of India’s UPI payment system with LankaPay, simplifying transactions for Indian tourists. Dissanayake also stressed the importance of marketing, infrastructure development, and sustainable tourism to fully realize the potential of outbound tourism between the two nations.Dr Jyotsna Suri, Past President of FICCI and CMD of The Lalit Suri Hospitality Group, highlighted the need for a balanced approach to inbound and outbound tourism, emphasising sustainability amidst growth.

Ankush Nijhawan, Chairman of the FICCI Outbound Tourism Committee and Co-Founder of TBO.com, pointed out that the global travel and tourism industry is expected to reach USD 2.6 trillion by 2027, with India’s outbound travel being driven by diverse traveller preferences, government support, and increased connectivity.

The summit also featured insights from representatives of the embassies of Madagascar, Georgia, and tourism boards of Malaysia and Singapore, underscoring the collaborative efforts needed to boost India’s outbound tourism market.