The Indian events and entertainment sector is on track for big growth,projected to hit $59.2 billion by 2030, jumping from $32.2 billion now. Samit Garg,head of the Events and Entertainment Management Association (EEMA),shared this forecast at the EEMAGINE conclave,drawing industry leaders nationwide.
Garg pointed to the sector's strong annual growth rate of 16% to 18% over the past five years,expecting this trend to keep up. Some segments are growing even faster: weddings at 18% to 20%,sports events at 20% to 23%, and ticketed events around 26%. He noted Tamil Nadu's key role in boosting GDP,hinting at vast potential for experience economy.
Garg mentioned big shift in India's economic scene . "For 50 years, our industry was seen as just a sidekick to tourism, hospitality, culture. That's over. Live experiences now boost GDP,create jobs, drive tourism,and shape how a State brands itself globally." This marks break from the old view of events as secondary.
The EEMAGINE event also launched a report titled ‘Socio-Economic Impact of the Indian Events and Experiences Industry,’ crafted with help from KPMG and insights from Mastercard on consumer spending. The report calls for central and state governments to streamline event regulations,offer social protections to gig workers, and invest in infrastructure for smaller cities .
A key finding: about 80% of event organizers struggle to get necessary permits. This poses a barrier that could slow sector growth . The study used a Direct-Indirect-Induced (DII) framework to assess economic impacts of various event types,drawing on research from government, industry bodies,and surveys of over 18 lakh attendees at 108 events.
India's events and experiences industry is crucial at the intersection of commerce, culture, and community. Events boost local economies, visitor spending, and livelihoods,enhancing destination appeal. Their ripple effects reach beyond immediate areas, impacting hospitality,travel, retail,logistics, media,and tech, benefiting a range of small businesses.
