The Internet & Mobile Association of India (IAMAI), yesterday organized ‘Incredible 2.O’ – the Next Trillion Dollar Opportunity.
Speaking at the inaugural session, Deep Kalra, Chairman & Group CEO – makemytrip.com and Vice-Chairman of IAMAI said, “Online tourism industry is evolving at a faster pace as compared to previous years. With the growth of tourist inflow, the industry has become one of the main sectors to increase in manifolds growth Vis – a – Vis other sectors. With evolution of tech enabled start ups and newer concepts like staycation, adventure tourism, ecotourism, medical tourism and pilgrimage tourism across the country the industry is at the cusp of potential growth. As more and more people come online, smartphone penetration increases, technological disruptions and use of digital payments has actually changed the dynamics of the industry at large. At present this industry is standing at 2.O knocking the 3.O for the next level to kick off”.
Technology and digital can help achieve the target. Digital is already playing a major role in the sector with domestic air ticket and railways booking continue to be among top contributors to the Online Travel spends. Online Hotel booking has seen a substantial y-o-y growth of 60 per cent.
The Ministry’s vision can be fast tracked with the help of technology. However, for that to happen, the government must lower the tax burden, ease rules and build infrastructure if it wants to ensure 15-20 percent annual growth in tourism in coming years. Issues pertaining to GST, opening up of the shared economy and facilitating the adoption of new tech could herald the next trillion opportunities for the sector.
