India’s theme park industry grew 10.25 percent in 2016 but will need major investment to attract a global audience.
The findings come from a recent report by Ficci and KPMG.
The country’s relatively few theme parks currently cater to a local audience. Among the best known are Essel World in Mumbai, Nicco City in Kolkata and Ramoji Film City in Hyderabad.
According to Arun Chittilappily, MD of Wonderla Holidays, infrastructure development initiatives are needed before the sector can attract audiences from further afield.
Investment will need to be achieved through government incentives such as tax holidays and subsidies.
Local audiences are price sensitive which will keep ticket prices low for the foreseeable future.
However, Indians are predicted to spend more on leisure activities.
The industry is expected to grow at 19.1 percent up to 2021 and be worth around Rs 6980 crore.
Image courtesy Nicco Parks and Resorts