India will jump four spots to become the world’s sixth largest corporate travel market in the next five years, based on forecasts in a Visa-sponsored report by the Global Business Travel Association (GBTA) Foundation.
GBTA also expects India to leapfrog Brazil this year and surpass both South Korea and Italy in 2017.
This latest semi-annual GBTA BTI Outlook India report projects a growth of 10.7 per cent in business travel spending for the market in 2016 followed by another 10.2 per cent the following year.
Domestic spending would be the key driver of India's overall business travel performance, which is expected to grow 11.5 per cent in 2016 and 10.3 per cent in 2017, the report stated.
With international outbound travel being more volatile, GBTA reckons global travel spend will move forward just 3.1 per cent in 2016. But an improved global economy and brightening prospects for increased trade activity will help push international outbound spending further forward in 2017, by a projected 9 per cent.
Commenting on the results, Gaurav Sundaram, GBTA India regional director, said: “If it continues on its current path, India is poised to be a world leader in business travel for decades to come.
“The growth rate of business travel in India is on par with other leading industries in the country, showing once again how business travel is playing an important role as a driver of economic growth and jobs.”