Speaking at CNBC-TV18’s event The Titans, Indian Hotels Company Ltd (IHCL) Managing Director and CEO Puneet Chhatwal said the development could create opportunities around the “apna desh” narrative and encourage greater spending within India.
Chhatwal added that the trend could also support themes such as “Make in India, Heal in India, and Wed in India”, not just for domestic travellers but also for international visitors.
At the same time, Chhatwal said the industry was still trying to understand the broader implications of the Prime Minister’s remarks amid rapidly changing geopolitical conditions.
“We are all a bit speechless, thinking: is there more to it? Is there something that we need to know?” he said, adding that more clarity could emerge over the next few weeks.
Anuraag Bhatnagar, CEO and Whole-Time Director of The Leela Palaces, Hotels and Resorts, echoed a similar view and said domestic travel demand was already strong during the summer holiday season.
“The months of May, June and July are holiday seasons, school vacations, and there is a very strong domestic uptake anyway. So that is going to get further amplified,” Bhatnagar said.
He noted that affluent Indian travellers taking overseas trips significantly outnumber inbound international tourists visiting India, creating a long-term opportunity for the domestic hospitality sector.
“The number of affluent Indians who take international trips is nearly three times the inbound numbers,” he said.
The comments come at a time when financial market volatility has raised concerns over the wealth effect on discretionary consumption, especially in the luxury segment. However, Chhatwal said business trends remained stable despite uncertainty.
“At the moment, things are fine. May is off to a very good start… June business on the books looks good,” he said.
He added that safety and security remained critical drivers for hospitality demand and said IHCL’s operations, including those in the Middle East, had not witnessed any meaningful disruptions.
The discussion also highlighted how companies are increasingly positioning themselves around India’s expanding experience economy.
Rahul Ganjoo, CEO of District by Zomato, said the company sees a larger opportunity in out-of-home consumption and urban experiences.
“The common thread across all our businesses is: what can we do to make urban lives smoother and friction-free?” Ganjoo said.
“We are just about removing that friction and helping more people consume outside their homes. And we know directionally it’s a larger TAM than at-home consumption,” he added.
Bhatnagar said India’s luxury hospitality segment continued to benefit from strong macroeconomic tailwinds and rising demand for premium experiences. He said Brookfield Corporation’s acquisition of Leela in 2019 helped the company scale through better access to capital and disciplined asset management while maintaining its focus on luxury.
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Meanwhile, Chhatwal said IHCL had expanded well beyond the Taj brand to cater to a much wider consumer base across segments, including upscale, mid-scale and homestay offerings.
“We need a product for each of the Indians,” Chhatwal said, referring to India’s large and evolving travel market.
He added that Taj continued to remain central to the company’s identity and growth strategy, with the luxury brand now approaching a portfolio of 150 hotels globally.
