New Delhi, Aug 11 (PTI) Asserting that India's hospitality industry is poised for a strong growth, ITC Hotels Chairman Sanjiv Puri on Monday said he expects the hospitality firm to have a portfolio of
220 operational hotels with over 20,000 keys by 2030.
Addressing the first AGM of ITC Hotels after its listing on the stock exchanges, Puri said today's turbulent world calls for nations to invest in innovation and technology to emerge as strong, self-reliant economies.
In this context, he said India's unique structural drivers such as a young demographic profile, rising disposable incomes, rapid urbanisation, technological prowess, and the spirit of entrepreneurship will enable the company to sustain and strengthen their competitive edge.
"The hospitality industry is poised for strong growth particularly due to a confluence of economic multipliers such as rising societal aspirations, the growing stature of India as an attractive investment destination, increasing connectivity, strong macros, proactive policy interventions as well as digital transformation," Puri said in his speech.
With only 0.3 rooms per thousand population compared to the world average of 2.2 rooms, India's hospitality sector has huge headroom to grow, he said.
"I am confident that the company's 'asset-right' strategy will further accelerate growth and competitiveness in the years ahead. The equity of your company's iconic brands have resulted in a healthy generation of leads with a robust pipeline of potential management contracts," the ITC Hotels' Chairman said.
He observed that the company's presence has also expanded to Tier 2 and 3 cities, leveraging the increasing demand for premium hospitality. To drive superior guest experiences and strengthen operational efficiency, "your company has made significant investments in digital adoption, including AI", he said.
"I expect that your company will be enriched with a portfolio of 220 operational hotels with over 20,000 keys by 2030," the ITC Hotels' Chairman said.
The country's tourism and hospitality sector holds immense potential, given its rich cultural heritage, diverse landscapes and expanding infrastructure, he added.
He said ITC Hotels' total income stood at over Rs 3,300 crore for the year. EBITDA margin expanded to 36 per cent, driven by structural efficiencies and all-round growth.
The travel, tourism and hospitality sector in India is today riding a wave of resurgence, Puri said, highlighting that international visitor spends touched a record Rs 3.1 lakh crore in 2024.
Domestic travel spends reached Rs 15.5 lakh crore, 22 per cent above 2019 levels. As per the World Travel and Tourism Council, the direct economic contribution of the Travel and Tourism sector to the Indian GDP in 2024 was around Rs 21 lakh crore, contributing 6.6 per cent to the overall GDP of the country and creating over 46 million jobs.
Estimates suggest that this sector is likely to contribute 10 per cent of the country's GDP by 2030 and as a major employment multiplier could support over 100 million jobs by that year.
Recent reports suggest that air passenger traffic in India at 211 million in 2024 surpassed Japan and is fast closing in on Spain, as the nation gains from a growing domestic network, airport infrastructure expansion, and strong travel demand. PTI RSN TRB
