Indian airlines Jet Airways, SpiceJet Ltd and AirAsia India are planning to add new jets to their fleets as they look to expand in the world’s fastest-growing aviation market, the carriers said on Thursday.
Domestic Indian passenger traffic increased by 17.9 percent in January from a year earlier, marking the 41st consecutive month of double-digit growth, the International Air Transport Association said in a monthly update released on Thursday.
Civil aviation secretary Rajiv Nayan Choubey said as long as oil prices remained below $80 per barrel, he expected the Indian aviation market to grow at a compound annual growth rate of 15 percent for the next 20 years or so.
“We are committed to ensure that new airports are built, better air space management services are provided, so that there is no congestion in the skies,” Choubey said at the Wings India air show.
Indian airlines are scrambling to add more jets to meet demand for more domestic and international flights, making it one of the most targeted sales markets for jet manufacturers Airbus SE and Boeing Co.
“The growth of the domestic Indian (aviation) market is the highest in the world,” Boeing senior vice-president Asia Pacific and India sales Dinesh Keskar said. “Every segment of traffic in and out of India is going to grow for the next 20 years.”
By courtesy of Curt Lewis Associates