INDIA'S CENTURY UNLOCKING THE POTENTIAL OF INDIAN AVIATION

Witness the renaissance of India’s aviation industry as it takes flight towards a Century of Prosperity unlocking extraordinary opportunities in India’s aviation sector

- COLONEL SANJAY JULKA

THE INDIAN ECONOMY IS EXPERIENCING A REMARKABLE expansion, with a GDP growth rate of 8.7 per cent in FY 2022, placing it among the highest in the world. Bob Sternfels, Global Partner at McKinsey, boldly declared that it is not just India's decade but India's century. As the economy flourishes, the aviation industry closely follows suit. The growth prospects for Indian aviation are staggering, and international investors are taking notice. Despite lingering concerns, India has made significant strides in addressing these issues, paving the way for a prosperous future in civil aviation.

INDIAN AVIATION GROWTH: A GLOBAL STANDOUT

The growth potential of Indian aviation is undeniable, and the numbers speak for themselves. Asian aviation is projected to grow at a compound annual growth rate (CAGR) of 5.1 per cent over the next 20 years, outpacing America's 2.7 per cent and Europe's 2.3 per cent. Specifically, Indian aviation is projected to grow at a CAGR of 6.3 per cent over the next two decades, surpassing the 4.9 per cent growth rate for the rest of Asia.

India's geographical advantage further solidifies its potential as a major aviation hub. With 50 per cent of the world's population residing within a 6-hour flight time and 65 per cent within a 10-hour flight time, India becomes an attractive destination for airlines. Additionally, the country boasts the world's third-largest domestic civil aviation market, further enhancing its appeal.

There has also been an increase in the number of business aircraft. In 2021 and 2022, approximately 90 registration/ deregistration entries were recorded, compared to approximately 40 in 20 and 35 in 2020. The United States has approximately 600 billionaires and more than 10,000 private jets. India has approximately 166 billionaires and around 132 private jets.