Source: The Economic Times, Mar 22, 2017
Mumbai: More Indians were “taken for a ride” as the Indian theme park industry grew at 10.25 per cent in 2016 to reach Rs 2930 crore, up from Rs 2660 crore in 2015, according to a report released by Ficci and KPMG. The industry, however, has to make greater strides to match the global level.
The global theme park market, buzzing majorly on theme parks in the US, Japan, China, Hong Kong and Korea, and various others coming up in Dubai and Abu Dhabi, is currently valued at Rs 2.7 lakh crore. Theme parks have the usual elements of an amusement park such as rides but also retail stores, restaurants etc, unified by a central theme.
Though the Indian theme park market throws up only a few names with Essel World in Mumbai being the largest, followed by Nicco City in Kolkata and Ramoji Film City in Hyderabad and a few others, the industry is expected to grow at 19.1 per cent till 2021, touching Rs 6980 crore as consumers are expected to spend more on leisure activities.
“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,” Arun Chittilappily, MD, Wonderla Holidays said in the report.