Invest in MakeMyTrip Ltd (MMYT) to capitalize on India's booming tourism market

From Nasdaq: 2024-07-10 15:25:59

Over the past year, Nvidia (NVDA) stock soared 219%, but was outperformed by MakeMyTrip Ltd (MMYT) from India, which saw a 235% increase in its stock value. This surprising feat by an Indian company hints at the potential of India’s booming middle class and economy.

India, now the world’s most populous country, boasts a rapidly growing middle class thanks to its strong economic growth, with GDP growing by 8.4% in the latest quarter. Estimates suggest India will see a significant increase in middle and high-income households by 2030, attracting more travelers and boosting its tourism sector.

Indian travelers are making their mark globally, with the country becoming the highest source of international travelers in Asia in 2022. This trend is benefiting destinations like the U.S. and southeast Asia, with Indian tourism expected to become a major driver of growth in these regions in the coming years.

The growth of Indian tourism is just beginning, with only a small percentage of Indians currently holding passports. Forecasts suggest that Indian tourists will become the world’s fourth-largest spenders on overseas travel by 2030, with their spending predicted to reach $410 billion annually.

MakeMyTrip, a leader in online travel bookings in India and listed on the Nasdaq, is positioned to benefit from this travel megatrend. With a range of services and strong financial performance, MMYT stock presents a lucrative opportunity for investors looking to capitalize on India’s growing tourism market.



Read more at Nasdaq: Buy This Breakout Growth Stock to Profit from India’s Travel Boom