India's MICE tourism growing at 8 pc a year: FICCI-Yes Bank report

A new report by industry body FICCI says that strong economic growth coupled with rapid emergence of India on the global horizon is poised to drive the growth of MICE (meetings, incentives, conferences and exhibitions) tourism at a much faster rate.

India is a late entrant in the segment with a little share on the global scale. Of the total 12,563 international meetings in a year, it hosts only 175 - or just 1.4 per cent to rank 24th worldwide.

In 2018, MICE tourism in India was pegged at Rs 25,000 crore with 8 per cent growth year-on-year, said the report titled 'India Inbound Tourism: Unlocking the Opportunity'.

The industry is estimated to have a space of 5 lakh square metres, which is expected to cross 15 lakh square metres over the next two to three years.

"This will result in doubling the growth rate," said the report highlighting enormous potential India has due to its strategic location and being a round-the-year destination.

The global MICE tourism is estimated to be growing at a compound annual growth rate of 7.5 per cent and reach 1.2 trillion dollars (about Rs 70 lakh crore) by 2023. Asia Pacific region is expected to lead this with 8.6 per cent growth.

India ranks fifth in the Asia Pacific region behind Japan, China, South Korea and Australia. However, it has a variety of destinations which can be clubbed with diverse tourism offerings to enhance MICE.

Consistently among the fastest growing economies in recent years, India has price competitive offerings in addition to 31 international airports, five cruise ports besides one of the largest rail and road network worldwide.

However, the country must upgrade infrastructure, have more world-class convention and exhibition centres plus adopt a holistic approach to promote MICE tourism, said the report compiled in collaboration with private lender Yes Bank.