India’s Outbound Tourism Thrives with Anticipated 11.4 Percent CAGR through 2032 - News

India’s outbound tourism market is on a robust growth trajectory, poised to exceed US$ 15.2 billion in 2023, according to Gajesh Girdhar, Chairman, Network of Indian MICE Agents (NIMA). He revealed this optimistic forecast at the BLTM 2023 travel show, highlighting an anticipated Compound Annual Growth Rate (CAGR) of 11.4 percent through 2032.
Indian travelers, especially millennials, who want to go abroad are driving this growth. Indian MICE tourism is growing significantly, attracting a large number of people. Girdhar mentioned India’s MICE tourism boom, citing government assistance and facilities for worldwide events. He predicted that India's fast-growing outbound MICE business would recover by 2024.
Indian tourists visit Moscow and St Petersburg despite the Russia-Ukraine crisis. Evgeny Kozlov, Chairman, Moscow City Tourism Committee, claimed that Indian tourists in Moscow climbed 12-15 percent annually before the pandemic. Moscow launched the Moscow MICE Ambassador program in India to promote business tourism in the capital. Sri Lanka is likewise trying to attract more Indian tourists, demonstrating the growing popularity of international travel.