DECEMBERASIA BUSINESS OUTLOOK8NEWSROOMIndia's rapidly growing manufacturing sector is fueling the expansion of mid-range and upscale hotels into industrial hubs, addressing the increasing need for quality accommodations for business travelers. Prominent hotel chains such as Marriott, Hyatt, Orchid, Regenta, Vivanta, and Ginger are establishing properties in key manufacturing zones, including Vithalapur, Talegaon, Chakan, Bhiwandi, Pithampur, Kalinganagar, Sanand, and Hosur. This shift reflects a growing trend where visiting executives prioritize staying closer to their factories to avoid long commutes and traffic congestion.In Vithalapur, an emerging automotive hub located over two hours from Ahmedabad, luxury hotels like Courtyard by Marriott and Hyatt Place are set to open within the next year. Similarly, the recently launched 100-room Fern Residency in Talegaon, on the outskirts of Pune, has already gained traction among corporate travelers. Pithampur in Madhya Pradesh, another industrial hotspot, is attracting mid-market options like Click Hotel and Sayaji, driven by a robust demand from the manufacturing sector. Meanwhile, in Chakan and Bhiwandi, which are significant industrial zones near Pune and Mumbai, Ginger Hotels is developing 200-room properties to cater to the growing influx of business visitors.This surge in hospitality development highlights the untapped potential of India's manufacturing clusters. According to Nandivardhan Jain, CEO of Noesis, a hotel investment and advisory firm, manufacturing hubs represent significant opportunities for the hospitality industry. "With multinational corporations and SMEs expanding their presence in these regions, there's a critical need for quality accommodations for business travelers," he said. Thailand's economy showed signs of improvement in October, driven by tourism, exports, and private consumption, bolstered by government economic stimulus measures, according to the Bank of Thailand (BOT). Exports, a critical pillar of the economy, surged by 14.2 percent year-on-year, while imports rose by 17.1 percent, leading to a trade surplus of $1.4 billion. Industrial production also increased, supported by rising domestic demand and exports, excluding the automobile sector.The country recorded a current account surplus of $0.7 billion in October, up slightly from September's $0.6 billion. Private consumption grew by 0.8 percent month-on-month, while private investment increased by 4.5 percent. Additionally, government spending saw a notable rise, contributing to the overall economic activity. Tourism, another key economic driver, provided substantial support to the service sectors, though structural challenges continued to weigh on certain businesses and household incomes.In a surprising move, the BOT reduced its policy interest rate by 25 basis points to 2.25 percent during its October 16 review. It also revised its 2024 GDP growth forecast upward to 2.7 percent from 2.6 percent but slightly reduced its 2025 growth projection to 2.9 percent from 3 percent. The economy grew by 3 percent annually in the July-September quarter, marking the fastest pace in two years. However, officials and analysts have raised concerns about sustaining this momentum amid potential challenges in the upcoming year. INDIA'S MANUFACTURING HUBS BECOME POPULAR ZONES FOR HOSPITALITY PLAYERSTHAILAND SEES ECONOMIC RECOVERY OWING TO TOURISM & CONSUMERISM
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