After a tough last few years, the Indian hospitality industry is now on the threshold of the next stage of its growth and I believe that in the coming five years, it will truly emerge as a dominant force driving India's growth. The sector will not only contribute immensely to our country's foreign exchange earnings, but also substantially in employment generation.

We will also see the emergence and growth of new concepts and segments within the hotel industry, whether in extended stay accommodation, boutique and designer hotels, all-suites hotels, branded residences or mixed-use properties. Further, the expansion will not be confined to the metros or Tier I and II cities, but go much deeper and wider, as the next frontier would be India's smaller towns, both for accommodation services and for food and beverage offerings. Much of this growth would be due to the new government's aggressive push for tourism, making it easier for international visitors to enter the country through e-visas, development of smart cities, and of course, attracting foreign investment, both FDI as well as portfolio inflows, especially as the 'Make in India' campaign gathers steam. This economic momentum would lead to a huge growth in the demand for hotel rooms and convention centres, benefiting the travel sector and resulting in unparalleled opportunities for expansion.

I believe that many of the existing players, Indian and MNC hotel companies, would grow on the back of this wave, but there is also a fantastic opportunity for new players to enter this industry and establish their mark. So far, the Indian hospitality industry has been pretty much conventional in its approach, but that is going to change. We will see a spurt in entrepreneurial activity, which will drive innovation in and transformation of our industry, making it more vibrant and dynamic as a result.

At Svenska Design Hotels, we have had a Vision 2020 since the time we launched our operations in India in 2010. More than growth in terms of the number of hotels and rooms, our vision is to emerge as the country's pre-eminent luxury boutique business hotel chain. In a country where luxury has often been associated with size, we are focused on changing the paradigm and showing that 'small is beautiful'.

With a single-minded focus on highly personalised lifestyle-oriented hospitality experiences, we believe we can create and capture this niche space of designer hotels, providing guests with exceptional hospitality tailored to their unique needs and preferences. Our chic and trendy properties, offering private butler service and complimentary in-room spa treatments, have already started creating waves, not just winning various awards and recognition, but also developing a very loyal and dedicated customer base, with repeat guests providing more than 30 per cent of our business.

Of course, by 2020, there are going to be many more hotels and much more competition, but the winners are going to be the ones that can cater to the fast-changing demands of the 21st-century traveller seeking comfort, technology, entertainment and convenience. With India poised to take its true position on the high table of nations, the hospitality sector has to deliver as well. There are going to be challenges, but the opportunities are bigger than ever before and we simply must grasp them to ensure this becomes the golden era of Indian hospitality!

Zia Sheikh is the CEO of Svenska Design Hotels