India continues to climb the world rankings of business travel markets, with spending forecast to grow 11.4 percent growth in 2016, followed by another 11.6 percent in 2017 to reach $36.8 billion. The prediction comes from the latest Global Business Travel Association Foundation GBTA BTI Outlook – India report.
GBTA projects India will become the 6th largest business travel market in the world by the end of 2019.
The semi-annual analysis has revised India’s international outbound business travel spending for 2016 upward, from 3.1 percent in the previous report to 5.4 percent. With commodity prices stabilizing, increased trade activity, especially with the oil-rich MENA region, should help to push India’s IOB spending up by 9 percent in 2017.
“India continues to position itself to become a world leader in business travel for decades to come,” said Gaurav Sundaram, GBTA India regional director. “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.”