GROWTH OPPORTUNITIES WITH PROMISING FUTURE

India’s contribution to the manufacturing for global civil aerospace programs has increased over the few years.

- Vikas Manral

Last decade has shown signs of shift in global economic power towards Asia and the trend seems to continue in the coming decade as the major Asian economies - China and India find themselves at the centre of enhanced global economic activities. Rapidly growing population (middle class) with higher disposable income, urbanization and change in the socio-economic scenario have been the drivers of growth in these economies. And Civil aviation in India can surely benefit from this acceleration.

Figures indicate a strong co-relation between the GDP and growth in civil aviation sector. The current civil aviation market in India is estimated to be around $16 billion and is currently the ninth-largest in the world. Forecasts have predicted India to become the third-largest market by 2025 with around 275 Mn passengers per year. With more than 90% of Indian population yet to experience air travel, the civil aviation market has tremendous potential to grow by market penetration of this untapped customer base.