“India is on the path to become the third-largest economy by 2027,” said Puneet Chhatwal, MD & CEO, IHCL at the 54th FHRAI Convention, adding that the contribution of tourism can be significant in this. He predicted the sector could double its $250 bn contribution to the GDP in the coming years.
Read More »India’s hospitality industry to contribute US$250 bn to the country’s GDP by 2030, says Pradeep Shetty
Pradeep Shetty, President, FHRAI, projected that the hospitality industry will contribute US $250 bn to India’s GDP by 2030, supporting 137 million jobs. He stressed on the role of long-term financing and regulatory reforms to achieve this vision, aiming for a US $3 tn contribution by 2047.
Read More »India’s Hospitality Set to Contribute $250 Bn to GDP by 2030: Pradeep Shetty at 54th FHRAI Convention
The Indian hospitality industry is primed to make a significant contribution to the country’s economy, according to Pradeep Shetty, President, Federation of Hotel & Restaurant Associations of India (FHRAI). Addressing the 54th FHRAI Annual Convention on Day 1, Shetty projected that the sector will contribute a substantial $250 billion to India’s GDP by 2030, supporting 137 million jobs. To achieve this ambitious target, Shetty emphasised the need for long-term financing and regulatory reforms. The industry aims to contribute $3 trillion to the GDP by 2047. FHRAI Calls for Regulatory Reforms Shetty highlighted the critical need for long-term financing in the sector, noting that current funding options are limited to 7-8 years. He urged the government to implement regulatory reforms, such as streamlined licensing procedures and single-window systems, to unlock the industry’s full potential. Hospitality Sector Outperforms Other Industries The Indian hospitality industry is already making a substantial impact on the economy, contributing 12-13 per cent to the GDP and employing over 12 per cent of the workforce. These figures surpass those of the automobile and IT sectors, highlighting the industry’s economic significance. Sector to Add 50,000-60,000 Rooms in Next Five Years The President announced that the hospitality sector is set to expand significantly, with plans to add between 50,000 and 60,000 new hotel rooms over the next five years. This expansion will further boost employment opportunities and contribute to the country’s economic growth. FHRAI Submits Ease of Doing Business Report To address the challenges faced by the industry, FHRAI has submitted a comprehensive report on the ease of doing business in hospitality to the government. The report focuses on critical areas for reform, including simplifying regulatory compliance, reducing licensing burdens, …
Read More »WTTC launches ‘Together in Travel’ at Perth meet to empower SMEs in global travel & tourism sector
Aimed at providing support & resources to SMEs within the global travel & tourism sector, the WTTC launched ‘Together in Travel’ at its 2024 Global Summit in Perth, Western Australia. It is designed to provide SMEs with the tools & resources they need, ensuring their voices are heard on a global scale.
Read More »Sustainable tourism to rise at 19.3% CAGR by 2032, eco-tourism to expand by 5.7% from 2019 to 2027
According to a report prepared by FHRAI, KPMG and PHDCCI, India’s sustainable tourism market is projected to grow at CAGR of 19.3 per cent by 2032. Eco-tourism alone is projected to expand by 15.7 per cent from 2019 to 2027, reaching a staggering market size of US$4.55 billion.
Read More »Focus is on members, that’s our priority, addressing their challenges and engaging them comprehensively: Sunil Kumar
Newly elected TAAI President Sunil Kumar has said that the focus of the new team will be on members. “TAAI’s goodwill and its strength lies in its members. Members First is our mission. We aim to address their challenges, learning from their concerns, engaging them much more comprehensively in the overall design and administration of TAAI, through various means like member networking opportunities,” he said.
Read More »85% pax want travel documents auto-linked to digital identity, says Ricardo Letosa at CAPA India summit
As technology is transforming the aviation sector, Ricardo Letosa, Head of Business Strategy, SITA, said, during CAPA India Digital Aviation Summit 2024, “85% pax want travel documents auto-linked to digital identity. In fact, we have provided digital ID enrolment, and biometrics to three AACO airlines.”
Read More »FHRAI’s 68th AGM concludes, K Syama Raju elected as the President for 2024-25 term
K Syama Raju has been elected as the President at the 68th AGM of FHRAI. Among other office-bearers are: Pradeep Shetty as VP (West); SK Jaiswal as VP (North); Nitin Kothari as VP (East); K Nagaraju as Hon. Secy; Garish Oberoi as Hon. Treasurer; Ashoke Singh and Nirav Gandhi as Jt. Hon. Secretary.
Read More »Sunil Kumar elected as President of TAAI for 2024-26 term
Jimmy Shaw Named HRAWI President
Jimmy Shaw, Managing Director, The Waterfront Shaw, Lavasa has been elected the new President of The Hotel and Restaurant Association Western India (HRAWI). The appointment took place during the 74th Annual General Meeting (AGM) held in Mumbai on 21st September, 2024, where new Office Bearers for the 2024-25 term were also appointed. In his new role, Shaw will continue to lead HRAWI’s efforts in spearheading various campaigns that cover critical facets of the hospitality industry, including food safety, regulatory advocacy, talent retention and development and sustainability. A third-generation hotelier, Shaw also serves as Director of Bona Sera Hotels and Shaw Hotels & Consultancy Services. In addition to his hospitality ventures, he is also the Managing Director of ShawMan Software and Director at IDS NEXT Business Solutions. Known for his advocacy within the industry, Shaw previously held the position of Honorary Secretary of HRAWI. “HRAWI has made significant progress, crossing many important milestones in recent years. The past committee’s leadership worked tirelessly to address member concerns and engage with the Government, facilitating swift resolutions where necessary. The Association has been proactive in addressing key challenges, from simplifying GST compliance to tackling issues like cyber-bullying and talent shortages. My goal is to continue this legacy and work in the best interest of our members and the hospitality sector as a whole. I am grateful to the Executive Committee for placing their trust in me and electing me as President,” said Jimmy Shaw, President, HRAWI. Under Jimmy Shaw’s leadership, HRAWI will continue engaging with the Government during the GST Council meetings and Union Budgets, collaborating with the Ministry of Tourism and making legal interventions to address industry-wide concerns. The Association will be particularly …
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