INR 25000 crores – Size of the Indian MICE industry

INR 25000 crores – Size of the Indian MICE industry

The FICCI-Yes Bank report has been published. And interestingly the Indian MICE tourism growth numbers suggest that MICE India is steering forward 8% annually. This is great news for the Indian MICE industry

Bindiya | MICE INDIAA | 6 May 2019

The Indian MICE outshines the global industry numbers. With the size of the MICE market in India at INR 25,000 crores, the industry is set to boom exponentially in the next decade.

The Indian MICE industry has been growing rapidly for the last two-three years. The infrastructure across the country has been on the rise. Airports, Hotels, Cruise terminals, Convention Centres and the likes have been adding up in the Indian MICE basket. The last few years have witnessed the rankings of the Indian MICE go up in the ICCA charts as well. From the last count of 32nd in the world, India has moved to 24th currently.

FICCI-Yes Bank Report

A stable government, robust Indian economy, strong domestic MICE market, growing youth numbers, strengthening foreign relationships, foreign policies, friends and allies, resurgence of global MNCs in the country, start-ups have pushed the Indian MICE industry figures to a record high.

It is no doubt that India has been a very late entrant into the global MICE scenario. Approximately 12,000 MICE conventions have been taking place across the globe and India plays hosts to a miniscule 1-1.5% of them (say about 165-170 annually). Looking at the size of the country and this numbers, the figures have been dismal. The flip side is that now the destination has tools and infrastructure in place, poised for growth. And the FICCI-Yes Bank report is timely and a testament to the fact that the country is ready to create a place for itself in the global MICE market.

The FICCI-Yes Bank report adds that the Indian MICE industry size is INR 24,900 crores and projects a current growth of over 8% in 2018. As compared to the global MICE figures, the industry is pegged to reach 1.2 trillion USD (about Rs 70 lakh crore) by 2023, with a year-on-year 7.5% growth. The next big growth will be driven by the APAC region – a whopping 8.6% y-o-y. And India is poised to take a large share of the MICE pie.

The FICCI-Yes Bank report has been titled: ‘India Inbound Tourism: Unlocking the Opportunity’.

Source: ANI May 5, 2019

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