Tourism and Hospitality August 2014

13th highest contribution

to GDP India ranked 13th among 184 countries in terms of travel and tourisms total contribution to

GDP in 2013

Contribution to GDP

above world average

In India, the sectors direct contribution to GDP is expected to grow 6.4 per cent per annum during 201424 vis--vis the world average of 4.2 per cent

Creating higher

employment

The travel and tourism sector in India accounted for 7.7 per cent of total employment,

generating 35.44 million jobs. The number is expected to rise by 1.9 per cent per annum to

43.8 million jobs in 2024

Higher investments Travel and tourisms contribution to capital investment is projected to grow 6.5 per cent per

annum during 201424, above the global average of 5.1 per cent

Source: World Travel & Tourism Councils Economic Impact 2014, 12th Five Year Plan, Aranca Research

Increasing visitor

exports The contribution of visitor exports to total exports is estimated to increase 4.3 per cent per

annum during 20142024 compared to the world average of 4.0 per cent

Growing demand

Source: WTTC, Aranca Research

Notes: F stands for forecasts, WTTC World Travel and Tourism Council, Market size forecasts by WTTC; UNESCO United Nations Educational, Scientific and Cultural Organisation

Robust demand

Foreign tourist arrivals increased at a CAGR of 7.2 per cent over 200513

Domestic spending on tourism is growing due to rising income and changing lifestyles (especially among young people)

Attractive opportunities

India has diverse offerings such as adventure, rural and wildlife tourism

India is expected to receive nearly half a million medical tourists by 2015, implying an annual growth of 30 per cent

Policy support

The Visa on Arrival scheme was extended to 180 countries in 2014

A five-year tax holiday has been offered for 2-,3-, and 4- star category hotels located around UNESCO World Heritage sites (except Delhi and Mumbai)

Diverse attractions

India has 28 World Heritage Sites and 25 bio-geographic zones

The countrys big coastline is dotted with a number of attractive beaches

2013

Market

size:

USD122.1

billion

2022F

Market

size:

USD418.9

billion

Advantage

India

The National

Tourism Policy was

announced in 1982

The government

formulated a

comprehensive plan

in 1988 to promote

tourism

Various states in India

declared tourism as an

industry

The government

stressed on private-

public partnership in

the sector

Government policies

give a fillip to the hotel

industry

A national policy on

tourism was

announced in 2002,

focusing on developing

a robust infrastructure

Online travel portals

and low-cost carrier

airlines gave a boost to

domestic tourism

The government has

undertaken various

marketing initiatives to

attract tourists

Domestic spending on

tourism accounted for

over 80.7 per cent of total

tourism revenues in 2013

The number of foreign

tourists visiting India rose

to 6.8 million in 2013 from

3.9 million in 2005

Pre-1990

19902000

200005

2005 onwards

Source: WTTC, Ministry of Tourism, Aranca Research

Includes hotel and restaurant businesses

Comprises airline companies, cruise services, railways, car rentals and more

Constituents include historical monuments, beaches, sanctuaries, mountains, and festivals, etc.

A fragmented sector with a number of independent travel agents and many online businesses

Offer customised tours, including travel and accommodation,

and sightseeing

Accommodation

and catering

Transportation

Attractions

Travel agents

Tour operators

Tourism and

hospitality

Source: Dun and Bradstreets report on tourism in India

Transportation

Attractions

Travel agents

Rural tourism

Medical tourism

Heritage tourism Luxury tourism

Eco-tourism

The aim is to:

Develop interest in heritage and culture; and

Promote visits to village settings to experience and live a relaxed and healthy lifestyle

Tourists seek specialised medical treatments, mainly ayurvedic, spa and other therapies

Tourists visit India for its cultural heritage in various cities

Vast variety of flora and fauna in various states is a major factor behind their growing popularity as tourist destinations

The luxury travel market is estimated to be around USD1.7 billion and projected to grow at an average rate of 1520 per cent over the next decade

Source: Dun and Bradstreets report on tourism in India

Direct contribution of tourism and hospitality to GDP

(USD billion)

The tourism and hospitality sectors direct contribution to GDP totalled USD37.3 billion in 2013

Over 200614, direct contribution is expected to register a CAGR of 10 per cent

The direct contribution of travel and tourism to GDP is

expected to grow 6.4 per cent per annum to USD70.6 billion

(2.1 per cent of GDP) by 2024

Source: World Travel & Tourism Councils Economic Impact 2014, Aranca Research Notes: CAGR Compound Annual Growth Rate, E- Estimates,

GDP stands for Gross Domestic Product; the definition of direct, indirect and induced

contribution is specified in the Glossary on Slide 41

18 25 24

26 31 31

36 37 38

71

2006 2007 2008 2009 2010 2011 2012 2013 2014E 2024E

CAGR: 10%

Travel and tourisms total contribution to GDP (USD billion)

The sectors total contribution to GDP increased to USD113.5 billion in 2013 from USD88.1 billion in 2007 and

is expected to reach USD115.6 billion in 2014

It is forecast to increase by 7 per cent per annum to

USD227 billion by 2024 (6.8 per cent of GDP)

Source: World Travel & Tourism Councils Economic Impact 2014, Aranca Research

Note: E Estimate

Note: The definition of direct, indirect and induced

contribution is specified in the appendix

88

82 89

103 105

116 113 116

227

2007 2008 2009 2010 2011 2012 2013 2014E 2024E

CAGR: 4%

Foreign tourists arriving in India (million) Over 6.8 million foreign tourist arrivals were reported in 2013

Foreign tourist arrivals increased at a CAGR of 7.2 per cent

during 200513

By 2024, foreign tourist arrivals are expected to increase to

13.42 million, according to the World Tourism Organisation

Source: World Travel & Tourism Councils Economic Impact 2014, Ministry of Tourism, Aranca Research

3.9

4.4 5.1 5.3 5.2

5.8 6.3

6.6 6.8

2005 2006 2007 2008 2009 2010 2011 2012 2013

CAGR: 7.2%

Total foreign exchange earnings from tourism grew to

USD18.1 billion in 2013

Foreign exchange earnings increased at a CAGR of 11.7

per cent during 200513

Foreign exchange earnings from tourism in India

(USD billion)

Source: Ministry of Tourism, Aranca Research

7.5 8.6

10.7 11.7 11.4

14.2

16.6

17.7 18.1

2005 2006 2007 2008 2009 2010 2011 2012 2013

CAGR: 11.7%

Company Segment Revenue

(USD millions) Other major players

Online booking Yatra.com, cleartrip.com, travelocity.com,

travelchacha.com

Hotel USD377.0 million ITC, Oberoi, Marriott

Airlines USD3.4 billion SpiceJet, Indigo, Indian Airlines

Tour operators USD12.3 billion SOTC, Raj Travels

Source: Respective company websites

Notes: ** highlights revenues are in billion;

FY13* Includes data only for the month of January to September 2012

68.9 75.2 56.0

FY11 FY12 FY13*

197 229 255

FY12 FY13 FY14

338 345

320

FY12 FY13 FY14

3.0 3.3

2.9

FY12** FY13** FY14**

Share of tourists by expenditure (2013)

Domestic travel revenues aggregated USD79.7 billion in 2013 and are expected to reach USD156.7 billion by 2024

Foreign visitor revenues reached USD19 billion in 2013 and are projected to total USD28.34 billion by 2024

Domestic travellers contributed over 80.7 per cent to total tourism revenues in 2013

Expected share of tourists by expenditure (2024)


80.7%

19.3%

Domestic spending

Foreign visitorspending

84.7%

15.3%

Domestic spending

Foreign visitorspending

Segment-wise revenue share (2013)

Revenues from leisure travel constitute over 78.9 per cent of total tourism revenues in India

Revenues from leisure travel totalled USD77.87 billion in 2013 and are estimated to reach USD153.72 billion by 2024

Business travel revenues stood at USD20.80 billion in 2013 and are projected to reach over USD41.4 billion by 2024

Expected segment-wise revenue share (2024)


78.9%

21.1%

Leisure spending

Business spending

78.8%

21.2%

Leisure spending

Business spending

2.5

2.9 3.2

3.6 3.8

4.3

5.3

2005 2006 2007 2008 2009 2010 2011

The Indian hotel industry recorded revenues of over

USD5.3 billion in 2011

Over 2005-11, the industry recorded a strong CAGR of 13.3

per cent

Revenues of Indias hotel industry (USD billion)

CAGR: 13.3%

Source: Media Sources, Aranca Research

Domestic consumers are the biggest revenue generators in

the Indian hospitality sector, with a share of over 52 per cent

in total revenues

Foreign tourists contributed about 23 per cent to total

revenues

Various segments revenue share in Indian hotels (2009)

52.9%

24.4%

22.7%

Domestic consumer

Domestic business

International

Source: Datamonitor, Aranca Research

Online travel operators Over 70 per cent of air tickets are now being booked online in the country

A number of online travel and tour operators, which provide better prices and options to

consumers, have emerged in India

Wellness tourism The widespread practice of ayurveda, yoga, siddha and naturopathy that is complemented

by the nations spiritual philosophy makes India a famous wellness destination

Cruises India attracted 163,000 cruise visitors in 2011

The countrys cruise market is estimated to be worth USD300 million

Source: Aranca Research


Competitive Rivalry

The Indian hospitality sector is highly fragmented with a large number

of small and unorganised players; this increases competition

Customers low switching cost and price sensitivity are increasing competition among players

Threat of New Entrants Substitute Products

Bargaining Power of Suppliers Bargaining Power of Customers

Entry is easy as it is not capital

intensive, but a player needs to

achieve economies of scale

and access to distribution

channel to compete

There is the threat of forward

integration; for instance, the

airline starts selling directly to

customers

The cost of switching suppliers

is low

Low switching cost gives

customer high bargaining

power

Customers are price sensitive

and have information about the

services being provided

Threat of substitute products is

minimal as no substitutes are

available in the market

Competitive

Rivalry

(High)

Threat of New

Entrants

(Moderate)

Threat of

Substitute

Products

(Low)

Bargaining

Power of

Customers

(High)

Bargaining

Power of

Suppliers

(Moderate)

Source: Company websites, Aranca Research

Notes: CDMA Code Division Multiple Access, GSM Global System for Mobile Communication

Players are using innovative marketing strategies to succeed in this sector. For example:

The Goa Tourism Development Corporation (GTDC) is planning to organise

familiarisation trips or fam trips for international tour operators and media to showcase Goa as a tourist destination. It has also planned to promote Goa in

international markets through the print and electronic media

Indian Railways is providing various benefits to foreign tourists such as priority

reservation and Indian rail pass for train travel

Players are trying to ensure convenience for their customers by providing all services

available on a single portal. For example, makemytrip.com and a host of other websites

provide a comprehensive basket of offerings which include outbound and inbound travel

for leisure and business trips, hotels and car booking, holiday packages within India or

abroad, etc.

Players are opting for many channels to maximise sales and ensure convenience for their

customers. For example, Thomas Cook and Kuoni India launched their online portals to

compete with others. On the other hand, makemytrip.com is planning to go for the offline

channel to complement its existing portal and has already launched mobile apps for

maximising sales

Marketing strategy

One stop solution

Multiple channels

Growth drivers

Growing demand

Policy support

Rising FDI

Tourism and hospitality

attracted the second

highest FDI (USD3.2

billion) in FY13*

In the hotel and tourism sector,

100 per cent FDI was allowed

through the automatic route

Campaigns such as Incredible

India and Athithi Devo Bhava

were launched to harness the

tourism industrys potential

Domestic expenditure on tourism

is expected to rise due to the

growing income of households

A number of niche offerings such

as medical tourism and eco

tourism are expected to create

more demand

Source: Datamonitor, Aranca Research

Note: * Data as per February 2013

Strong growth in per capita income in the country is driving

the domestic tourism market

A shift in demographics with rising young population

(coupled with changing lifestyles) is leading to greater

expenditure on leisure services

According to the IMF, nominal per capita income increased

at a CAGR of 9.5 per cent over 200013

Per capita income in India

Source: IMF, Aranca Research

Note: F - Forecast

-5%

0%

5%

10%

15%

20%

25%

30%

0

500

1,000

1,500

2,000

2,500

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4F

201

5F

201

6F

201

7F

201

8F

Per Capita income, USD, LHS Growth

Domestic expenditure on tourism (USD billion)

Source: WTTC - Travel & Tourism Economic Impact 2014, Aranca Research

Note: E Estimate

Domestic expenditure on tourism has grown significantly; the

market is expected to reach USD82 billion in 2014 and USD157

billion in 2023, representing a CAGR of 6.4 per cent during

200714E 53

58

56

69 77

76 80 82

157

2007 2008 2009 2010 2011 2012 2013 2014E 2024E

CAGR: 6.4%

Five Year Plan

In the 12th Five Year Plan, a budgetary support of USD2.8 billion has been approved for

the Ministry of Tourism for the development of tourism infrastructure projects, including

rural tourism and human resource development projects

Under the plan, USD1.3 billion has been allocated for the Ministry of Culture

Special boards The ministry set up a Hospitality Development and Promotion Board, which will monitor

and facilitate hotel project clearances/approvals

Tourist police The ministry, in consultation with state/UT administrations, has proposed to employ tourist

police at prominent tourist spots

Allocation for North-

Eastern Regions

The government has planned an investment of 10.1 per cent of the allocations under the

Central Plan for the North-East region and Sikkim in the Union Budget for FY14


Capital investment in the tourism and hospitality sector has

been rising consistently

Investments are expected to increase at a CAGR of 16.3

per cent to USD36 billion during 200724E

By 2024, investments are expected to increase to USD65

billion

Capital investments in the tourism sector

(USD billion)


Note: E Estimate

13

36

23

29 33

33 33

36

65

2007 2008 2009 2010 2011 2012 2013 2014E 2024E

CAGR: 16.3%

Collective government spending on tourism

(USD billion)


Note: E Estimates

The governments collective spending on the tourism and hospitality sector is expected to reach USD2.0 billion in

2014

By the end of 2014, spending is projected to expand at a

CAGR of 11.2 per cent over a seven-year period

By 2024, the governments collective spending is expected to increase to USD3.8 billion

1.0

1.6

1.7 2.0 2.1 2.0 1.9 2.0

3.8

2007 2008 2009 2010 2011 2012 2013 2014E 2024E

CAGR: 11.2%

Growth in visa on arrival

Source: Ministry of Tourism, Aranca Research

The Visa on Arrival scheme has been popular among

tourists

In June 2014, the government approved 180 countries

under the Visa on Arrival scheme to attract additional

foreign tourists

The scheme registered an average growth of 45.8 per cent

over 201013

6,549

12,761

16,084

20,294

2010 2011 2012 2013

CAGR: 45.8%

The presence of world-class

hospitals and skilled medical

professionals makes India a

preferred destination for

medical tourism

Indias earnings from medical

tourism could exceed USD3.9

billion in 2014 from USD1.9

billion in 2011

Tour operators are teaming

up with hospitals to tap this

market

Cruise shipping is one of the

most dynamic and fastest

growing segments of the

global leisure industry

India, with its vast and

beautiful coastline, virgin

forests and undisturbed

islands, can be a good

destination for cruise tourists

The potential for the

development of rural tourism

in India is high as most of its

population resides in rural

areas

This can benefit the local

community economically and

socially, and facilitate

interaction between tourists

and locals for a mutually

enriching experience

Medical tourism Cruise tourism Rural tourism

Source: Ministry of Tourism, BMI, Aranca Research

Tamil Nadu Second most visited state by foreign tourists; attracted 14.7 per cent of

total foreign tourists visiting India in 2012

Major cities to visit Chennai, Coimbatore, Kanyakumari, Madurai, Ooty, Rameswaram

and Salem

Major attractions Meenakshi Temple, Brihadeeswarar Temple, Yelagiri Hills,

Hogenakkal Falls and Vivekananda Memorial

Uttar Pradesh Attracted 9.7 per cent of foreign tourists and 16.3 per cent of

domestic tourists in 2012

Major cities to visit Agra, Allahabad, Ayodhya, Lucknow, Fatehpur and Meerut

Major attractions Taj Mahal, Agra Fort, Fatehpur Sikri and Sarnath

Delhi Attracted 11.1 per cent of foreign tourists visiting India in 2012

Major attractions Qutub Minar, Red Fort, Humayuns Tomb, India Gate, Jantar Mantar and Jama

Masjid

Maharashtra Attracted 24.6 per cent of foreign tourists visiting India in 2012

Major cities to visit Amravati, Kolhapur, Mumbai and Nashik

Major attractions Ajanta and Ellora Caves, Shirdi, Ashtavinayak and

Matheran


Forecasts of foreign tourists arriving in India

(million)

Foreign tourist arrivals are expected to increase at a CAGR

of 16.1 per cent during 2013-15F

The number of foreign tourists arriving in India is anticipated

to be more than 9.2 million by 2015


Note: F Forecasts

6.6 6.8

8.5 9.2

2012 2013 2014F 2015F

Forecasts of foreign exchange earnings from

tourism in India (USD million)

Foreign exchange earnings from tourism are expected to

increase at a CAGR of 5.0 per cent during 201315F

Foreign exchange earnings are forecast to reach USD20

billion in 2015


Notes: F stands for Forecasts, CAGR Compound Annual Growth Rate

17,740 18,100

18,988

19,949

2012 2013 2014F 2015F

CAGR: 5%

Capacity of hotels in India (000) The number of hotel beds in the country is expected to increase to 501,000 by 2016 from 269,000 in 2011

The number of hotel rooms in the country is expected to

increase to 220,000 by 2016 from 121,000 in 2011

Source: BMI, Aranca Research

Note: F Forecast

98 109 121

135 154 176

197 220

210 241 262

295 339

392

443

501

2009 2010 2011 2012F 2013F 2014F 2015F 2016F

Number of hotel rooms Number of hotel beds

Low-cost airlines Growth in low-cost airlines is expected to lower tourism costs and increase domestic

spending on tourism

Increase in international

flight operators

The market is likely to become more competitive due to the entry of an increasing number

of international flight operators expected to offer improved services to tourists. JVs such as

Air Asia and Tata SIA are beginning services in India and can provide better services

Increasing number of

airports

The Airports Authority of India aims to start operating 250 airports across the country by

2020

Higher investments The government is expected to earmark USD12.4 billion in the 12th Five-Year Plan (2012

17); of these, private investments are likely to total USD9.2 billion

Higher passenger traffic By 2020, passenger traffic at Indian airports is expected to rise to 450 million from 160

million currently


Growth in foreign tourist arrivals pre and post

incredible India (million)

Incredible India is a marketing campaign launched by the

Government of India in 2002 to promote India as a tourist

destination internationally

Foreign tourist arrivals increased at a CAGR of 9.7 per cent

during 2003-13 to 6.8 million by the end of 2013

India currently attracts 0.63 per cent of tourists from world

over; the government aims to increase it to 1 per cent

In 2012, India Tourism launched two new campaigns: Find

What You Seek, an international campaign; and Go

Beyond, a domestic campaign

Source: Gujarat's Ministry of Tourism,

Aranca Research

2.4 2.4

2.5 2.7 2.5

2.4 2.7

3.5

3.9

4.5 5.1 5.3 5.2

5.8 6.3

6.6 6.8

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

CAGR: 9.7%

Contribution of tourism to Gujarat's GDP Gujarat is the 7th largest state, located in the Western part of India, with the longest coastline of 1,600 km

The government spent nearly USD13 million for the

Khusbhoo Gujarat Ki campaign, which featured Amitabh Bachchan, brand ambassador of the state; the campaign

was a huge success

The campaign led to an increase in the number of visitors to

5.4 million in the last two years

The government plans to focus on the state's 1,600 km

coastline to promote maritime, coastal and ecotourism

2.5% 2.8% 3.5%

5.1%

8.2%

10.2%

2002 2005 2010 2015E 2020E 2022E


Note: E Estimates

Revenue generated from tourism in Kerala

(USD billion)

Kerala is on the Malabar coast in Southwest India

In the early 1990s, the state was known as a single beach

destination

Kerala successfully marketed its serene backwaters, wildlife

sanctuaries, ayurvedic treatments and temple festivals

Revenue from tourism increased at a CAGR of over 11.0

per cent during 200513

Source: Keralas Ministry of Tourism, Aranca Research

0.3 0.4 0.7 0.6 0.6 0.8 0.8 0.8

1.0

1.7 2.0

2.9 2.7 2.8

3.7

3.5 3.8 3.9

2005 2006 2007 2008 2009 2010 2011 2012 2013

Foreign exchange earnings Total tourism revenues

Number of tourists visiting Kerala annually

(in million)

The share of foreign tourists increased from 7.3 per cent in

2012 to 7.8 per cent in 2013

Source: Keralas Ministry of Tourism

5.9 6.3 6.6

7.6 7.9 8.6

9.4 10.1 10.1

0.3 0.4 0.5 0.6 0.6 0.7 0.7 0.8 0.9

2005 2006 2007 2008 2009 2010 2011 2012 2013

Domestic Tourists Foreign Tourists

Revenues (USD million) Makemytrip.com

The website was conceived and founded by Deep Kalra in

2000

Makemytrip offers airline tickets, hotel bookings, domestic

and foreign packaged tours, bus tickets, corporate travel

services, visa assistance, foreign exchange and travel

insurance

The companys revenues totalled USD255.4 million in FY14

It has a market capitalisation of USD1.09* billion

The companys revenues expanded at a CAGR of over 37.2 per cent during FY0814

Source: www.makemytrip.com

Note: * - As of 5 June 2014

38

69

84

125

197

229

255

FY08 FY09 FY10 FY11 FY12 FY13 FY14

CAGR: 37.2%

Revenues (USD million) Indian Hotel Company Limited (IHCL)

The company was incorporated in 1902 and launched the

first hotel in India, The Taj Mahal Palace & Tower, in

Mumbai in 1903

Taj Hotels Resorts and Palaces has 66 hotels in 42

locations across India and 16 hotels worldwide

IHCL operates in the luxury, premium, mid-market and

value market segments through various brands such as Taj,

Taj Exotica, Taj Safari, Vivanta, Gateway Hotel and Ginger

IHCL operates Taj Air, a luxury private jet service

The company operates Taj Sats Air Catering Ltd, the largest

airline catering service in South Asia

IHCLs revenues stood at USD320 million in FY14

Source: IHCLs website

337

380

356

327 320

338 345

320

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14

Federation of Hotel & Restaurant Associations of India (FHRAI) B-82, 8th Floor, Himalaya House,

23, Kasturba Gandhi Marg,

New Delhi 110001 Phone: 91-11- 40780780

Fax: 91-11- 40780777

Hotel Association of India (HAI) B 212214 Som Dutt Chamber-I,

Bhikaji Cama Place,

New Delhi 110 066 Phone: 91-11-2617 1110/14

Fax: 91-11-2617 1115

Direct contribution: Spending on accommodation, transportation, attractions and entertainment

Indirect contribution: Travel and tourism investment spending, and government collective travel and tourism spending

Induced contribution: Spending of direct and indirect employees

GOI: Government of India

CAGR: Compound Annual Growth Rate

INR: Indian Rupee

USD: US Dollar

Wherever applicable, numbers have been rounded off to the nearest whole number

Year INR equivalent of one USD

2004-05 44.81

2005-06 44.14

2006-07 45.14

2007-08 40.27

2008-09 46.14

2009-10 47.42

2010-11 45.62

2011-12 46.88

2012-13 54.31

2013-14 60.28

Exchange rates (Fiscal Year)

Year INR equivalent of one USD

2005 43.98

2006 45.18

2007 41.34

2008 43.62

2009 48.42

2010 45.72

2011 46.85

2012 53.46

2013 58.44

2014* 61.58

Exchange rates (Calendar Year)

Average for the year

* - from January to March 2014

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared

by Aranca in consultation with IBEF.

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by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in

any manner communicated to any third party except with the written approval of IBEF.

This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEFs knowledge and belief, the

content is not to be construed in any manner whatsoever as a substitute for professional advice.

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Documents

Tourism and Hospitality August 2014