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Tuesday, January 31, 2023

India’s Civil Aviation Sector to See Tremendous Growth by 2027: Jyotiraditya Scindia

The newly launched 'Akasa Air', is a joint venture between Rakesh Jhunjhunwala, Aditya Ghosh and Vinay Dube

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INDIA: Indian Union minister Jyotiraditya Scindia inaugurated the first daily flight from Mumbai to Ahmedabad on Sunday. The newly launched ‘Akasa Air’, is a joint venture between Rakesh Jhunjhunwala, Aditya Ghosh and Vinay Dube. 

On the special occasion of commencing a new airline service, Scindia said, “It has been eight long years since an airline has been launched in India. In the last almost two decades, all we have heard is how difficult it has been for airlines to function, multiple issues they have internally faced, and we have seen seven airlines being shut down (over the last 20 years).”

Akasa Air: a new entrant in India’s aviation sector

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The aviation minister projected growth of 40 crore passengers using airlines for travelling by 2027. He said there is healthy growth in the aviation sector and passengers prefer using flights for travelling. “The airline sector faced huge losses in the last two years of the pandemic,” he added.

According to a government declaration, the aviation sector suffered a loss of Rs 19,564 cr in 20-21. Many domestic flights were suspended, and some failed to pay outstanding dues. 

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More than seven airline operations have been shut down over the last 20 years. According to Scindia, this Akasa Air is a game changer for Jet Airways and a re-defined Air India. He even stated the current condition of the aviation market, saying: “A market which is going to be a healthy market.”

The airline minister said, “Our forecast says that by 2027, you will have 40 crore travellers in India (both domestic and international). That is the growth potential we are looking at in terms of passengers.” 

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He shed light on the market’s growth by saying, “We are going to add 15 per cent capacity or 100 to 110 aircraft per year. India is looking at close to 1,200 aircraft by 2027.”

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