Fast-growing Indian theme park industry needs new investment
A new survey from the Federation of Indian Chambers of Commerce and Industry (FICCI) and consultants KPMG has revealed that India’s theme park industry grew 10.25% in 2016.
The report, Theme Parks: Get ready for the ride, advised that industry was worth Rs 2930 crore (US$434 million), up from Rs 2660 crore (US$394 million) in 2015 with an expectation that it will grow at 19.1% up to 2021 and be worth around Rs 6980 crore (US$1.03 billion).
However, with the country’s theme and amusement parks currently catering to a local audience, the report suggests that they will need major investment to attract a global audience.
According to Arun Chittilappily, Managing Director of Wonderla Holidays, infrastructure development initiatives are needed before the sector can attract audiences from further afield.
Chittilappily was quoted in the report as saying “the Indian theme park industry currently caters to the local population and would need infrastructure development initiatives to cater to the global audience, which shall require more investments in the sector.
“India is a price sensitive markets and ticket prices are going to remain low in the future, therefore to promote investments, government incentives shall be required in the form of tax holidays and subsidies.”
With the growth of India’s middle class, theme park industry is being driven by rising spending on leisure activities.
India’s major theme parks include Essel World in Mumbai, Nicco City in Kolkata and Ramoji Film City in Hyderabad.
Click here to view Theme Parks: Get ready for the ride.
Image: Nicco City amusement parks, Kolkata.
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