HOTEL SECTOR The hotel and tourism industry’s contribution to the Indian economy by way of foreign direct investments (FDI) inflows were pegged at US$ 2.35 billion from April 2000 to February 2011, according to the Department of Industrial Policy and Promotion (DIPP). India's hotel pipeline is the second largest in the Asia-Pacific region according to Jan Smits, Regional Managing Director, InterContinental Hotels Group (IHG) Asia Australasia. He projected the Indian hospitality industry to grow at a rate of 8.8 per cent during 2007-16, making the country as the second-fastest growing tourism market in the world. The Indian hotel room market for 10 metros is estimated to expand at a CAGR of 17 per cent to US$ 2.66 billion during 2010-13, according to a study by Knight Frank India. In terms of the number of rooms sought per day, the hospitality sector is estimated to grow at a CAGR of 10.3 per cent The World Travel and Tourism Council, India, data says, India ranks 18th in business travel and will be among the top 5 in this decade. In a period of 11 years from 1998 – 99 to 2008 – 2009 the supply of rooms increased by 109%. The supply is further expected to increase by 94% in 2013/14 from that in 2008/2009.