A strong revival in business travel and continued boost in leisure travel will lead to 23 per cent growth in revenue for the Indian hotel industry this fiscal over the pre-pandemic level, a report by CRISIL has revealed.
“Leisure travel had gained traction post the Delta wave last fiscal, while business travel has started picking up steadily after a much milder Omicron wave in January 2022. This has fuelled demand in the MICE (meetings, incentives, conventions, and events) segment. The improvement in international business travel in the second half of this fiscal will strengthen the industry performance,” Crisil Ratings Senior Director Mohit Makhija said.
