KOCHI - India's MICE industry are hoping that the imminent opening of 12 new convention centres across the country will help grow its market share to at least 2% of the global pie.
Delegates and speakers at the recent 12th Conventions India Conclave in Kochi had pointed out that a dearth of event spaces in the country has hampered the industry's growth.
The world's second-most populous country has just a miniscule 0.5% share of the global MICE market, which is valued at around US$808 billion. The fact that India is trailing Thailand - a Southeast Asian minnow as compared to India - is a source of concern within local industry leaders.
India currently has a total of just 500,000sqm of convention space. In contrast, one of the largest convention centres in the world, the Hannover exhibition centre in Germany, boasts 554,000sqm of event space.
India Conventions Promotion Bureau's vice-chairman Chander Mansharamani said: "Once (the new convention centres) come up in the next couple of years, MICE space in India could cross 1.5 million sqm."
Among the upcoming venues is the mega facility at New Delhi's Pragati Maidan, which includes a five-star hotel and several meetings arena. There is also the ambitious 90-acre, India International Convention and Expo Centre coming up in Delhi's Dwarka area, where 20,000 delegates can congregate easily.
In Bengaluru, the Karnataka government is creating the Bangalore International Convention Centre on 35 acres of land near the airport.
Apart from the government, the private sector too is creating a lot of convention infrastructure, such as the international convention centre at Jio World Centre in Mumbai's BKC area by the Reliance Industries.