The Global Business Travel Association (GBTA) Foundation has announced the results of its latest GBTA BTI™ Outlook - India report. The report shows business travel spending growth in the country is still in double digits, despite demonetisation fears in light of the Prime Minister's move to remove 500 and 1,000 rupee notes from circulation last November.
"India continues to position itself to become a world leader in business travel for decades to come," said Gaurav Sundaram, GBTA India regional director. "Despite fears surrounding the demonetisation efforts, India saw 10.9 percent growth in year-over-year business travel spending for the second quarter of 2016 - even higher than our last report projected."
India continues to climb the world rankings of business travel markets, moving up five spots during the early 2000s to become the 10th largest global business travel market at the end of 2015. Current projections predict the country is poised to move up to the 6th by 2019.
The GBTA Foundation report forecasts 11.4 percent growth in business travel spending in 2016, followed by another 11.6 percent in 2017, reaching US$36.8 billion.