ICRA report predicts bright outlook for India’s biz travel & M!CE segment

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A recent ICRA report has forecasted strong prospects for business travel & M!CE (including weddings) segment in India. The report said: “Sustenance of domestic leisure travel, higher bookings from meetings, incentives, conferences and exhibitions (M!CE) and business travel, along with an increase in foreign tourist arrivals (FTAs), would support revenues. The industry is also likely to benefit from specific events such as G20 summit and the ICC World Cup 2023.”
“Demand in leisure destinations has been strong since Q3 FY2022, while markets such as Chennai and Hyderabad have benefitted in FY2023 from M!CE (including weddings) and pick-up in business travel. Pune and Bengaluru, which are business travel markets with a large part of the demand from the service sectors, have also picked up in the last few months,” the report noted.