Aviation - #SectorUpdates
Over the past three years, India’s civil aviation sector has experienced some of the nation’s fastest growth. India has overtaken the UK to become the third-largest domestic aviation market in the world, and by 2024, it is predicted to surpass it. According to the International Air Transport Association (IATA), India is anticipated to surpass China and the United States as the third-largest air passenger market in the world during the next ten years, by 2030. Additionally, the sector’s increasing demand has increased the number of aircraft operating there. By 2027, 1,100 Indian commercial planes are anticipated to be in operation worldwide. In FY22, India carried 188.89 million passengers. Airports in India estimate that domestic passenger traffic will reach 166.8 million in FY22, up 58.5% on year over year basis, while international passenger traffic will reach 22.1 million, up 118% on year over year basis. The Indian Government has been attempting to build more airports in order to handle the increased aviation traffic. India has 129 active airports as of 2022. India plans to have between 190 and 200 operational airports by FY40.