MUMBAI: With India’s civil aviation industry showing resilience lately, the number of air passengers in the country is likely to touch 310 million by the financial year 2018-19, says a report released by a credit rating agency on Tuesday.
At present, India is the ninth-largest aviation market in the world. It was the fastest-growing domestic market in 2015 and remained strong in 2016 as well, the release issued by India
Between the financial years 2008 and 2016, the number of domestic passengers grew at a compound annual growth rate (CAGR) of 8.5%. The total number of flyers including international grew at a
This projection was based on the total passenger traffic reaching 274 million by financial year 2017. However, the total passenger reached only about 224 million by financial year 2016.
“Pent-up demand, muted fuel prices and falling fare differences between rail and air travel are expected to drive the aviation sector growth in India over the medium to long term,” the release added.