GBTA: India Poised to Be Top Six Business Travel Market by 2019

Global Business Travel Association (GBTA) announced (13-Jul-2016) the results of its latest 'BTI Outlook - India' report, the association's semi-annual analysis of the impact of domestic and international economic conditions on India's business travel market. The GBTA Foundation report forecast:

• 10.7% growth in business travel spending in 2016, followed by another 10.2% in 2017, reaching USD36.1 billion;
• Domestic business travel growth of 11.1% 2016 and 10.3% in 2017;
• Growth in international outbound travel of 3.1% in 2016, before improved global economy and brightening prospects for increased trade activity will see 9% growth in 2017;
• India is the 10th largest business travel market in the world, after moving up five spots since 2000. GBTA expects India will continue to ascend the market rankings and is likely to jump four spots over the next five years, becoming the sixth largest business travel market in the world by the end of 2019. India is expected to leapfrog Brazil in 2016 and could surpass both South Korea and Italy in 2017;

Other key report findings:

• India's economic growth accelerated in 2015 reaching an average of 7.3%, meaning the 7th largest economy registered the fastest GDP growth rate in the world;
• Private consumption and public infrastructure spending were the principal drivers of growth over 2015. To continue the same pace of economic growth over the next two years, rural consumption and private investment must join in;
• India's insufficient infrastructure continues to present a significant impediment to sustainable growth, but "vast improvements" are in the pipeline. India made the development of infrastructure a cornerstone of public policy;
• Domestic spending will be the key driver of overall business travel performance in India over the forecast horizon. [more - original PR]