Puneet Chhatwal, Managing Director of IHCL, featured in ET HospitalityWorld

The Indian travel and tourism sector is gearing up for a significant upcycle, as per Puneet Chhatwal, the managing director and CEO of Indian Hotels Company Ltd. In the company’s Annual Report for 2023-24, Chhatwal highlighted the favorable conditions for growth in the industry, including the demand-supply gap, opportunities in Tier II and Tier III markets, and the resurgence of foreign tourist arrivals.

Chhatwal emphasized the company’s strategic plans to expand its ‘Gateway’ brand, which offers full-service hotels in the upscale segment, targeting emerging micro markets in metros and smaller cities. The goal is to have a portfolio of 100 Gateway hotels by 2030.

He noted the pivotal role of tourism in India’s economic landscape, driving growth, employment generation, and regional development. With the country’s rich cultural heritage and hospitality traditions, India is making a mark on the global stage.

Chhatwal also highlighted the evolving consumer preferences in the industry, with trends like premiumization, experiential travel, and brand consciousness gaining traction. He expressed confidence in the sector’s ability to leverage the demand-supply dynamics, market penetration opportunities, and key drivers like MICE, spiritual tourism, and destination weddings for future growth.

The company’s international expansion efforts were also highlighted, with new signings in Frankfurt, Dhaka, Bhutan, and Nepal. Chhatwal reiterated the company’s commitment to innovation and growth, with plans to introduce new formats and expand its brandscape to cater to changing travel trends.

Overall, the Indian travel and tourism industry is poised for a promising upcycle, driven by a combination of factors that position it for sustained growth and success in the coming years.