Growing Appeal as a India Meetings, Incentives, Conferences and Exhibitions Market Destination
Over the last decade, India has rapidly emerged as one of the most attractive destinations in Asia for meetings, incentives, conferences and exhibitions (MICE). Supported by strong economic growth, rising disposable incomes and liberalized visa policies, the country has witnessed tremendous interest from global event organizers and corporate clients looking for new and cost-effective MICE destinations. India offers a large and diverse country with several world-class cities that can host events of any size or scale. The cultural diversity, heritage sites, wildlife, cuisines and hospitality of Indians have made the country equally appealing for leisure, incentive and cultural trips combined with events.
Infrastructure Development Driving Growth
To capitalize on the growing opportunities, both public and private sector participants have made large investments to develop state-of-the-art MICE infrastructure across major cities. Global standard convention centers, five-star hotels with large banquet spaces, modern exhibition grounds and world-class international airports have come up in metropolitan cities like Delhi, Mumbai, Bengaluru, Hyderabad and Chennai. The governments have also focused on improving regional air and ground connectivity to expand India Meetings, Incentives, Conferences and Exhibitions Market tourism beyond the large urban centers. As a result, even tier 2 cities like Jaipur, Kochi, Lucknow and Ahmedabad are now actively promoting their MICE capabilities. The upcoming projects will further strengthen India’s appeal and ability to host large scale international events and exhibitions.
Diversifying India Meetings, Incentives, Conferences and Exhibitions Market Portfolio
While metropolitan cities continue to dominate India’s MICE business, event organizers are now exploring new themes and unique venues beyond the traditional urban settings. Ecotourism and sustainability-focused events centered around wildlife, heritage, arts and culture are gaining popularity. Destinations like Ranthambore, Udaipur, Goa, Cochin, Ladakh, Sikkim and Kerala which offer splendid natural settings combined with local flavors are being increasingly considered for nature retreats, board meetings and residential incentive trips. Events showcasing India’s indigenous performing arts, crafts, cuisines and traditions are also attracting interest from global clients looking for authentic cultural experiences. Resorts set in hill stations and backwaters have additionally enriched India’s MICE offerings.
Government Policy Support
The Indian government recognizes the economic and employment potential of the MICE sector. It has declared MICE tourism as a thrust area for development under its flagship ‘Incredible India’ campaign. Various initiatives like visa on arrival for citizens of key source markets, e- visas for over 160 countries, dedicated virtual MICE portals and roadshows promoting MICE destinations are simplifying travel. State governments also offer fiscal incentives for hosting large exhibitions, conventions and cultural events. Public-private partnerships have been driving infrastructure growth. The government aims to position India amongst top 3 MICE destinations globally by 2027. Such policy support should help the industry bounce back faster from the pandemic while attracting more international associations and corporate events in the long run.
Prior to the pandemic, the Indian MICE industry was growing at over 20% annually and witnessed strong double digit growth for nearly a decade. Major events like the Auto Expo, India Art Fair, educational conventions and pharmaceutical conferences were bringing large business as well as leisure tourism volumes. It was estimated to be worth over $10 billion by 2020. However, the COVID-19 outbreak stalled much of the MICE activity in 2020. While the first half of 2021 also remained subdued, industry experts and analysts now foresee a solid recovery underway as vaccination rates rise and travel opens up.
Led by domestic business as international travel takes longer to fully recover, the sector is projected to regain pre-pandemic revenues by 2023-24. With continued infrastructure growth and government support, India’s MICE sector seems well poised for sustainable long term growth and global prominence over the next decade.
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