New Delhi, August 2024: The Indian aviation industry is on the brink of remarkable expansion, with an order book exceeding 1,500 aircraft and a projected demand for over 2,200 aircraft by 2042, according to the Economic Survey 2023-24. Presented by Finance Minister Nirmala Sitharaman, the survey highlights the sector's potential, driven by rising demand, economic activity, and improved aviation infrastructure. It also underscores the growth in aircraft leasing, particularly through the International Financial Services Centre (IFSC) at GIFT City, where Air India has commenced wide-body aircraft leasing.
India's economy, projected to be the world's third-largest by 2027, will require substantial aviation capacity to meet the demands of millions of new passengers. The survey noted a 56% year-on-year growth in credit inflow to the aviation sector, reflecting increased aircraft leasing and a positive outlook for the medium-to-long term.
The survey, which said that the Indian economy expanded by 8.2% in FY24 and expects a 6.5%-7% growth in current fiscal year, also pointed out that a large proportion of Indian international traffic for the long haul goes through connectivity hubs in the Middle East and Southeast Asia and hence, there is also a need to provide adequate long-haul connectivity from India by strengthening Indian airlines. Budget 2024: Aviation industry seeks policies to ease business, wants tax sops.
As per data from the Directorate General of Civil Aviation, the domestic traffic for India has increased by over 125% since 2014 to 152 million passengers in 2023. It was 67.4 million passengers in 2014. Similarly, international passengers at Indian airports have risen by nearly 49% since 2013-14 to 6.1 million passengers in 2023-24, from 4.1 million passengers in 2013-14, data from Airports Authority of India showed.
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