Europe Opportunity Analysis for India Outbound Meetings, Incentives

Posted by Monica Nerkar on April 5th, 2017

India is one the youngest, yet the fastest growing economies of the world. India has a large thriving and vibrant market stuffed with millennial consumers. The newly rolled out open market policies to usher in FDI has impacted the GDP of the country. India is revamping its infrastructure to develop a comfortable passage for western investors. In the recent past, the bilateral ties between India and Europe have matured. Both the markets are coming closer with every passing day and developing an apt business friendly climate to promote and expedite the flow of business. India and EU are looking to repair the economic corridors between the two most steadily rising economies of the world. The Free Trade Agreement has bridged the strategic and economic gulf between both the markets and made India one of the most significant business partners of Europe. European exports to India have surged in the last few years. According to the RBI, the Indian exports to European markets amounts to INR 337 billion approximately. Apart from the core industries, the Indian tourism sector is extracting the benefits of the developing relationship between these two markets. The development of the tourism sector in India has enhanced the scene of the India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe.

The India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast predicts a massive change in market behaviour in the coming few years. The significant change in the India Outbound MICE tourism market will reap the benefits of the economic bonhomie between India and Europe. It will not only expand the India outbound MICE tourism market to Europe, but this gesture shall surely create a suitable atmosphere for new jobs. In the recent past, the new market pacts in the tourism segment have encouraged the flow of inbound tourists in Europe from countries such as India. A flourishing tourism market of Europe and longer and stronger business tie-ups between Europe and India are favouring the growth of the India outbound MICE tourism market to Europe. The Government of India has doled out several investment friendly measures in the last few years. Initiatives such as Make in India and Digital India are complimenting the India MICE tourism market to Europe. In India segments such as Telecommunication and Energy are rising steadily and European investors are queuing up to invest in these maturing sectors. The Indian business fraternity and bureaucratic teams have travelled to different parts of Europe to promote India’s blooming economy. The new brigade of Indian businessmen is heavily investing in European markets and joining hands with their European counterparts to enhance their global presence. Companies such as Tata Steel, Motherson Sumi, Mahindra and Tata Motors are contributing greatly to European markets. Several Indian companies in the UK are growing and they have almost doubled their profits in a very short period of time.   

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India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Game Changers

There are several factors that are promoting the growth of the India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe. The enhanced business ambience between the fastest growing regions of the world and revamped market policies are helping Indian business houses establish their footprint in the European market. The booming tourism market of India and the birth of a new breed of deep-pocketed travellers are cementing the ground for the growth of the India outbound MICE tourism market to Europe. Several investment friendly policies rolled out by European countries to woo investors are also speeding up the growth of the India outbound MICE tourism market to Europe.

India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Restraints

Though the atmosphere and growth prospects between both the regions of the world have evolved with time, the recent Brexit referendum has stalled the growth of the India outbound MICE tourism market to Europe. Several India-based companies are shifting their focus from European markets for fetching better results. European markets are immensely competitive and dominated by powerful countries such as China. This is also dampening the flow of outbound investment of India into Europe. The tourism markets in other countries spread across the South-East Asia and Asia Pacific region are cheaper than the European markets and the costly markets of Europe are also barricading the India outbound MICE tourism market to Europe.

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India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Bigwigs

Companies such as Thomas Cook, Itl World, Travel Corporation (India) Ltd. (Tci), and Tybros India Tours Private Limited are some of the key players dominating this segment. 

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