HYDERABAD: With the Meetings, Incentives, Conferences, Exhibitions (MICE) space in India set to triple over the next two to three years, the sector is poised for robust growth. According to the estimates of the industry analysts, Indian MICE sector size is pegged at Rs 25,000 crore, growing at a rate of about 8 per cent year over year. With more than 10 new MICE venues coming up in various parts of country and the expansion of existing venues being undertaken, space is set to triple.
“Right now, Indian MICE industry has a consolidated space of about 5,00,000 sq metres. More than 12 new venues such as the proposed exhibition cum convention centre at Dwarka and expansion of existing venues at Pragati Maidan, New Delhi, Hyderabad, Bangalore, Ahmedabad, Pune and others will ensure that the MICE space in India will cross 15,00,000 sq metres over the next two to three years. Once it happens then the industry’s growth rate will double form the existing 8 per cent to 16 per cent,” said KV Nagendra Prasad, President, Indian Exhibition Industry Association (IEIA) speaking to The New Indian Express. Besides the industry, Union government and several state governments have been actively trying to set up more MICE venues to draw both business and leisure travellers, helping the industry grow.
The Centre also targets to increase the share of Indian MICE industry to 2 per cent globally from the existing 0.5 per cent by 2025.
According to IEIA’s estimates, the MICE sector currently employs about 60,000 people directly and for each direct job it creates, potential for eight indirect jobs is also created. “While China’s GDP is just 2.5 per cent bigger than us, it has MICE space of 11 times more. When compared to China, India has lot more scope to grow.
“There is huge demand for more MICE space and there is urgent need for addition of new space. As the construction of new MICE venues is going on brisk space across country, the sector is poised for huge growth in the coming years,” explained Bhupinder Singh, Secretary of IEIA