MICE Tourism in India: Unleashing the Potential of Tourism Sector

Abstract

India's rich and wide variety of flora-fauna and rich cultural heritage plays a vital role in attracting tourists. The Tourism sector amounts to US$ 63.73 in 2017 to real GDP in India with, CAGR of 7.47 % from 2012-17. Further, it is expected to grow with a CAGR of 7.09% till 2028. India sees MICE tourism as a significant contributor to economic growth and development. This segment's global market size is currently at Rs. 37,567 cr in 2017, and this will grow to Rs. 1,99,990 cr. in 2025. Moreover, India witnessed an increase of 50% in this sector's events, with a jump of 11 positions in the global ranking. This paper highlights the significance of policy centrality concerning MICE tourism by indicating that policy gaps exist in the segment. It also shows that the draft of National Tourism Policy 2015 has been in the public domain for a long time without being considered for legislation. It attempts to provide strategies about India's effort to increase its share by 2% globally. It underlines various efforts undertaken at central and state levels for promoting the segment in India by identifying plausible approaches.