Status of Indian Civil Aviation Industry:
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Aviation Sector:
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India’s Civil Aviation is among the fastest-growing aviation markets globally and will be a major growth engine to make India a USD 5 trillion economy by 2024.
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Passenger Traffic:
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3rd largest aviation market by domestic air passenger traffic which stood at 274.05 million in FY20.
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It grew at a Compound Annual Growth Rate (CAGR) of 12.91% during FY16-FY20.
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Airports:
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75 airports opened in 75 years of Civil Aviation in India while under the aegis of Ude Desh Ka Aam Naagrik (UDAN), within a span of 3 years, work has been initiated to provide scheduled connectivity to 76 unserved / 20 underserved airports, 31 heliports and 10 water aerodromes.
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Fleet Strength:
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713 aircraft of scheduled Indian carriers operating year around; private scheduled airlines plan to add over 900 aircrafts in the next 5 years.
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Commitment to Greener Airspace:
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Comprehensive regulatory policies and strategies adopted to reduce aviation carbon footprints.
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Ensuring Hassle-free Travel:
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Incorporated systematic approaches to redress passenger grievances, and improve operational efficiencies across the system.
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Opportunities in Indian Aviation Market:
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FDI: 100% Foreign Direct Investment (FDI) allowed under Automatic route for Ground Handling Services and Maintenance Repair and Overhaul Services (MRO) and for both green and brownfield projects.
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Scope of Growth: The Indian civil Aviation MRO market, at present, stands at around USD 900 million and is anticipated to grow to USD 4.33 billion by 2025 increasing at a CAGR of about 14-15%.
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The nation’s airplane fleet is projected to quadruple in size to approximately 2500 airplanes by 2038.
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Connecting New Airports: The government aims to develop 100 airports by 2024 (under the UDAN Scheme) and create world-class civil aviation infrastructure to be at par with global standards.