New Delhi, September 29, 2023: According to recent data released by the Directorate General of Civil Aviation (DGCA), India’s domestic airlines transported 10.06 crore passengers from January to August 2023, as compared to 7.7 crore during the same period in the previous year. This represents an annual growth rate of 30.55 percent. The monthly growth rate stands at a healthy 22.81 percent, indicating the sector’s capacity to significantly impact the nation’s economic landscape. The growth and potential is impressive on a domestic and global scale.
“The surge in domestic passenger numbers, coupled with the Union Government’s focus on tax exemptions for aircraft leasing in GIFT Cities and the pro-aviation provisions in the budget, is sustaining and propelling India’s aviation growth momentum”, says Jaideep Mirchandani, Chairman of aviation conglomerate Sky One FZE
“In the 2023-24 Union Budget, the Finance Minister allocated an investment of Rs 75,000 crore for the aviation sector. This allocation encompassed the revitalization of 50 additional airports, heliports, and water aerodromes. The proposed investment also encompasses critical infrastructure projects designed to ensure seamless first and last-mile connectivity to cities and regional areas, a crucial component in the growth, throughout India, of B2B and B2C integrated logistics,” says Jaideep.
The domestic aviation sector’s growth is helped by the increasing disposable income of middle and high-income households. India’s youthful population, the world’s largest, already harbors a strong interest in travel. In addition to improving passenger touchpoints, the planned investments in the sector will create more jobs, attract more tourists, and use technology to give passengers better and more personalized experiences. These developments are also expected to attract more global players, strengthening investments in manufacturing and MRO (maintenance, repair, and overhaul) facilities within the sector.
Jaideep Mirchandani said that on the path to greater achievements, certain critical concerns must also be addressed to drive the aviation sector forward. “We must make sure there are enough pilots and mechanics to handle the increasing number of airplanes. According to studies, such as the one by Statista, Asian airlines are expected to hire up to 130,000 new pilots for both the commercial and business sectors in the next 17 years. This is one of the major reasons why Sky One FZE is making substantial investments in pilot training through its Pier Seven Aviation Academy to cultivate a proficient and technologically advanced workforce.”
Corporate Comm India (CCI Newswire)
