Millennials to bring change in tourism

Thomas Cook India recently held the second edition of its India Travel Summit in New Delhi, which according to Madhavan Menon, Chairman and Managing Director, Thomas Cook India (TCI), is the perfect platform to discuss and deliberate on issues affecting the travel and tourism industry.

TT BUREAU

Q: What are your thoughts on the second edition of India Travel Summit?

A: We wanted to build a platform where stakeholders in the travel industry could come and use it to discuss various issues. We thought this space which existed in the market didn’t get addressed. Thus, we did it last year in Mumbai and this year, we have done it in in Delhi. We hope that we will be able to do this as an annual event with a focus on travel-related issues. The theme of the second instalment of India Travel Summit is Challenges of New Age Travel. The focus is on outbound and inbound business, visa protocols as well as the new age technology and the way it was impacting business. Thus, we’ve chosen and curated subjects that are important to us.

Q: What has changed in the second version of what you did last year?

A: Firstly, the attendance has grown. We had a houseful, half-an-hour before we even started the summit. Such a response reflects two things—acceptance that TCI Group is a large player in this space and can be seen as a sponsor and creator of such incredible events. Secondly, people also see this as a platform where issues that challenge the industry are being discussed as well as new trends are being examined and analysed.

Q: What are the new developments taking place at Thomas Cook India Group and what are your plans for the future?

A: TCI started a journey four years ago when we became a holding company for Fairfax. We have since done five acquisitions, the latest being the acquisition of TATA Capital’s two subsidiaries- TC forex and TC travel. We are a holding company and wherever we see an opportunity, we will acquire companies as we go forward.

Q: How have things changed for Thomas Cook India after the acquisition of Kuoni?

A: We took over Kuoni’s India and Hong Kong operations and early this year, we acquired their destination management businesses in 18 countries. As a policy, we never merge companies and retain existing managements, and we keep these companies as separate because we believe that managements are good and they are sustainable.

Q: What are your thoughts on tourism in and out of India currently?

A: Both inbound and outbound tourism in India have seen spectacular growth. Also, our airport infrastructure and the infrastructure within the country is improving. The income levels are growing so that people can travel abroad. With all these things happening, I think this is the time that the industry is going to see a lot more growth. One of the key drivers of this growth is the e-visa that was instituted three years ago. It has evolved and we are seeing the benefits today with more tourists coming in the country. As the millennials become increasingly aspirational and inquisitive, we will see tourism only growing.

“We went houseful before we even started the summit. Such a thing reflects two things- acceptance that TCI is a large player in this space and that this as a platform where important issues are discussed” – Madhavan Menon, Chairman and Managing Director, Thomas Cook India (TCI)