THE INDIAN ECONOMY IS EXPERIENCING A REMARKABLE expansion, with a GDP growth rate of 8.7 per cent in FY 2022, placing it among the highest in the world. Bob Sternfels, Global Partner at McKinsey, boldly declared that it is not just India's decade but India's century. As the economy flourishes, the aviation industry closely follows suit. The growth prospects for Indian aviation are staggering, and international investors are taking notice. Despite lingering concerns, India has made significant strides in addressing these issues, paving the way for a prosperous future in civil aviation.
INDIAN AVIATION GROWTH: A GLOBAL STANDOUT
The growth potential of Indian aviation is undeniable, and the numbers speak for themselves. Asian aviation is projected to grow at a compound annual growth rate (CAGR) of 5.1 per cent over the next 20 years, outpacing America's 2.7 per cent and Europe's 2.3 per cent. Specifically, Indian aviation is projected to grow at a CAGR of 6.3 per cent over the next two decades, surpassing the 4.9 per cent growth rate for the rest of Asia.
India's geographical advantage further solidifies its potential as a major aviation hub. With 50 per cent of the world's population residing within a 6-hour flight time and 65 per cent within a 10-hour flight time, India becomes an attractive destination for airlines. Additionally, the country boasts the world's third-largest domestic civil aviation market, further enhancing its appeal.
There has also been an increase in the number of business aircraft. In 2021 and 2022, approximately 90 registration/ deregistration entries were recorded, compared to approximately 40 in 20 and 35 in 2020. The United States has approximately 600 billionaires and more than 10,000 private jets. India has approximately 166 billionaires and around 132 private jets.
Denne historien er fra Issue 8, 2023-utgaven av SP’s Aviation.
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Denne historien er fra Issue 8, 2023-utgaven av SP’s Aviation.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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'ZEITENWENDE' - THE TURNING POINT!
In an exclusive interaction, Chief of Luftwaffe (German Air Force) Lieutenant General Ingo Gerhartz speaks with Consulting & Contributing Editor Manish Kumar Jha, in New Delhi on a comprehensive range of issues concerning German forces' modernisation, NATO's role, military acquisitions, and Germany's presence in the Indo-Pacific building a new era of military cooperation with India.
REWRITE THE RULE BOOK
The success of the Bhartiya Vayuyan Vidheyak Bill 2024 hinges on the Ministry of Civil Aviation's ability to translate its vision into reality through efficient administration and regulation.
DRIVING SUSTAINABLE AND ADVANCED AVIATION TECHNOLOGIES
Over seven decades of FIA, the airshow still remains significant, underscoring the industry's collective drive towards sustainability, Al-based solutions, advanced air mobility, strategic partnerships, significant orders and groundbreaking technologies
STEERING ECONOMIC GROWTH AND SOCIOECONOMIC DEVELOPMENT
The UDAN scheme has been a game-chan¢ger for India’s aviation industry, democratising air travel, stimulating economic development, and fostering regional connectivity becoming a cornerstone of India’s aviation strategy
THE HIGH-FLYING PATH TO A $5 TRILLION ECONOMY
A robust commercial aviation sector is propelling the Indian economy forward by serving as a catalyst for economic growth, driving tourism, trade, employment, and infrastructure development.
ROLE OF THE IAF IN NATION BUILDING
IAF's global reach to ensure India's ability to conduct defence diplomacy and humanitarian operations, highlight its crucial role in safeguarding and supporting the nation way beyond the traditional military functions.
EXPANDING INDIA'S GALACTIC HORIZONS
India's space economy is set for significant growth as the nation continues to be a major global player, driven by momentum in the private sector, new industry entrants, substantial investments, and supportive policy initiatives.
PRATT & WHITNEY EXPANDS INDIA OPERATIONS
New center will employ 150 aerospace experts and drive customer service and operations support
ADVANCING THE INDIAN AIR FORCE TRAINING CAPABILITIES
A new chapter has been introduced in the history of the Indian Air Force (IAF) with the inauguration of the Weapon Systems School (WSS) by Air Chief Marshal V.R. Chaudhari, Chief of the Air Staff (CAS), at Air Force Station Begumpet, Hyderabad on July 1, 2024.
PIPER J-3 CUB: TRUSTED TRAINER
When the Civilian Pilot Training (CPT) programme was established in anticipation of US involvement in World War II, the Piper J-3 Cub was chosen as the primary training aircraft. Ultimately, 75 per cent of all CPT pilots trained on a Cub