Aviation

India to be 3rd biggest aviation market by 2020: Ajit Singh

PANJIM, GOA

Civil Aviation Minister Ajit Singh has said that India is poised to be the third biggest aviation market in the world by 2020. Addressing the members of consultative committee attached to his ministry here, he expressed the hope that as per growth projections, air passenger traffic is estimated to double by 2019-20.

“India is the ninth largest aviation market in the world and is poised to be the third biggest by 2020. Indian aviation market witnessed rapid growth in the decade ending 2012-13. Air traffic passenger throughput at Indian airports recorded a CAGR of 13.8% during the current decade,” Singh said.

Admitting that recently there has been a slowdown with passenger throughput at Indian airports declining to 159.40 million in 2012-13 from 162.30 million in 2011-12,Singh, however, said passenger traffic has picked up again in the second quarter of the current year.

He said growth notwithstanding, the Indian airline industry is presently going through a severe economic crisis, with combined reported estimated losses of Rs.9771 crores and a debt of Rs.85,865 crores in fiscal 2012-13. He attributed this to the spiralling cost of air turbine fuel, economic slow-down, devaluation of rupee, low yield, high operational costs and the consequent widening gap between revenue and expenditure.

Read the full report here, Zee News

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