Steena Joy – Mumbai
The Indian amusement/ theme park industry is expected to reach new highs with investments to the tune of US$ 1.8 billion and revenue of Rs 4000 crore by 2020. Speaking to Express TravelWorld, Ajay Sarin, president, Indian Association of Amusement Parks & Industries (IAAPI) said, “For the first time the amusement park industry in India was removed from the negative list and a service tax of 14.5 per cent was levied on the amusement sector which is already paying state entertainment tax ranging from five per cent to 35 per cent across the country. But despite the double taxation, it is expected that by 2020, approximately 500 new projects worth US$ 1.8 billion are likely to be invested in the Indian amusement park sector. Currently, the amusement park industry is generating a revenue of Rs 1700 crore and is growing at CAGR of more than 17.5 per cent and is expected to touch Rs 4000 crore in 2020.”
Commenting on whether the industry is sophisticated enough to lure Indian travellers who go overseas to visit theme parks, Sarin said, “Yes a lot of Indians do visit overseas theme parks. The success of amusement parks globally is because resorts/ hotels are an integral part of the theme park which provides comfort of hospitality coupled with entertainment. Countries like Singapore, Hong Kong, USA attract millions of tourists because most of their amusement/ theme parks are integrated resorts. In India, Ramoji Film City, Wonderla, Imagica, VGP Universal, World of Wonders, EsselWorld have also developed state-of-the-art amusement parks with new rides, attractions, simulation, adventure and themes that can be enjoyed at a far lesser price as compared to international parks.”
Meanwhile, the 16th edition of IAAPI’s Amusement Expo will be held from March 3-5 in Mumbai. This year, the exhibition is supported by the ministry of tourism, Government of India along with the Government of Chhattisgarh as a partner state promoting Naya Raipur Development Authority as an entertainment hub. Sarin informed, “This year’s expo is more promising with an increase in 25 per cent of the floor area as well as exhibitors. The expo will witness new rides and attractions developed by leading rides and equipment manufacturers from over 100 plus exhibitors from India and across 19 countries including Australia, Bulgaria, Canada, China, France, Germany, Korea, Hong Kong, Italy, Philippines, Spain, Saudi Arabia, Switzerland, Luthuania, Netherlands, Turkey, UAE, UK and USA .”