INDIAN HOTEL INDUSTRY AT A GLANCE IN 2022 - 2023 The Hospitality Industry in India is estimated at USD 23.50 billion in 2023, and is expected to reach USD 29.61 billion by 2028, growing at a CAGR of 4.73% The contribution of the hotel industry to the Indian GDP was $40 billion in 2022 and is expected to reach $68 billion by 2027, and $1 trillion by 2047.
In the period (2027-2037), domestic tourist visits are expected to increase from 677 million in 2021 to 1.5 billion by 2030 and are further expected to jump to 15 billion by 2047 in the long term (2037-2047).
As for foreign tourist arrivals (FTAs) in India, the numbers are projected to increase from 1.5 million in 2021 to 15 million by 2024, and touch 25 million by 2030 and further projected to grow attracting 100 million tourists by 2047.
India-wide occupancy of hotels to increase to 66% in 2023.
66 new hotels with 14,885 rooms were signed during 2022, while 90 hotels with 5,702 rooms were rebranded according to an industry report.
