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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INDIA'S RICHEST BUYS BBJ
Private jets play a strategic role in allowing business magnates like Ambani to optimise time management, particularly critical given his global business commitments and a packed travel schedule.
PRIME MINISTER INAUGURATES AIRCRAFT COMPLEX FOR MANUFACTURING OF C295 AIRCRAFT
Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez jointly inaugurated the TATA Aircraft Complex for manufacturing of C295 aircraft at TATA Advanced Systems Limited (TASL) Campus in Vadodara, Gujarat on October 28, 2024.
GLADYS ROY (1896-1927)
On just her second flight, Gladys Roy co-piloted the plane, stepped out onto its wing and leapt off, floating safely to the ground with a parachute. Then and there she knew that her heart was in daredevil stunts and wing walking.
A BOOST FOR CONNECTIVITY AND ECONOMIC GROWTH
The recently launched India's guidelines for Seaplane Operations simplify certification for non-scheduled entities to operate under the UDAN scheme, eliminating the need for a water drome license and reducing compliance requirements for easier seaplane operations
A DYNAMIC HUB OF BUSINESS AVIATION INNOVATION
2024 NBAA-BACE wrapped up a week of groundbreaking announcements, innovative showcases, and forward-looking discussions that underscore business aviation's vibrant future
SHAPING BUSINESS AVIATION'S FUTURE WITH MILESTONES AND TRENDS
The 2024 NBAA-BACE highlighted major trends including Fractional Ownership, Business Aviation Safety and Security, Sustainability, Advanced Air Mobility (AAM), Artificial Intelligence in Business Aviation, and overall industry growth
GULFSTREAM FIRST OEM TO LINK-UP WITH STARLINK
This certification enables G650 and G650ER owners to upgrade their in-flight connectivity directly with Gulfstream that can support video calls, cloud-based applications, and data transfers
EFFECT OF MEGA EVENTS ON BUSINESS AVIATION
According to data from WingX Advance, mega events like the Olympics, significantly impact business aviation, driving increased movements across several regions
AIR TAXIS TO SOAR OVER INDIAN SKIES SOON
As India prepares for the launch of air taxi services in 2026, with plans to connect high-traffic areas, Directorate General of Civil Aviation (DGCA) has revealed the regulatory framework for 'Vertiports,' paving the way for air taxis to become operational in India
UNFOLDING RATAN TATA'S PASSION FOR AVIATION
\"IT IS WITH A PROFOUND SENSE OF LOSS THAT WE BID FAREWELL to Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation,\" N. Chandrasekaran's statement confirmed the news, that hit millions of Indians like a ton of bricks.