INDIA’S CIVIL AVIATION SECTOR STANDS AS A CORNERSTONE of the nation’s rapid economic growth, experiencing robust recovery and unprecedented expansion after the challenges posed by the COVID-19 pandemic. This projected momentum is intrinsically tied to the industry’s anticipated growth from $10.89 billion in 2023 to $12.55 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 2.87 per cent over the forecast period.
The Boeing Commercial Market Outlook 2023 further solidifies India’s aviation ascendancy, earmarking 90 per cent of the projected 2,700 new airplanes for South Asia in the next two decades for India. Forecasts from Boeing align with the aspirations for India’s commercial aviation market to ascend into the top three globally by 2041, trailing only China and the United States. The optimism is also substantiated by the India Brand Equity Foundation (IBEF), which points to a fully recovered air traffic movement of 327.28 million in FY23, an impressive surge from 188.89 million in FY22. Projections by the International Air Transport Association (IATA) posit India to secure the third spot in the world’s air passenger market by 2030.
FACTORS FACILITATING INDIA’S AVIATION GROWTH
This story is from the Issue 1, 2024 edition of SP’s Aviation.
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This story is from the Issue 1, 2024 edition of SP’s Aviation.
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