Last decade has shown signs of shift in global economic power towards Asia and the trend seems to continue in the coming decade as the major Asian economies - China and India find themselves at the centre of enhanced global economic activities. Rapidly growing population (middle class) with higher disposable income, urbanization and change in the socio-economic scenario have been the drivers of growth in these economies. And Civil aviation in India can surely benefit from this acceleration.
Figures indicate a strong co-relation between the GDP and growth in civil aviation sector. The current civil aviation market in India is estimated to be around $16 billion and is currently the ninth-largest in the world. Forecasts have predicted India to become the third-largest market by 2025 with around 275 Mn passengers per year. With more than 90% of Indian population yet to experience air travel, the civil aviation market has tremendous potential to grow by market penetration of this untapped customer base.
This story is from the December 2019 edition of The Machinist.
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This story is from the December 2019 edition of The Machinist.
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