India Poised to be third biggest aviation market by 2020: Ajit Singh

New Delhi: Addressing the members of Consultative Committee for the Ministry of Civil Aviation today in Panjim, Goa, Minister of Civil Aviation, Shri Ajit Singh said that India is poised to be the third biggest aviation market in the world by 2020. He also expressed the hope that as per growth projections the air passenger traffic is estimated to double by 2019-20.  Following is the text of the opening remarks made by the Minister of Civil Aviation Shri Ajit Singh:  “India is the 9th largest aviation market in the world and is poised to be the 3rd biggest by 2020. Indian aviation market witnessed rapid growth in the decade ending 2012-13. Air traffic passenger throughput at Indian airports recorded a CAGR of 13.8 % during the current decade. However, recently there has been a slowdown with Passenger throughput at Indian airports declining to 159.40 million in 2012-13 from 162.30 million in 2011-12, showing a negative growth of 1.8%. Nevertheless, the passenger traffic has picked up again in the second quarter of the current year. As per growth projections the air passenger traffic is estimated to double by 2019-20.  Even though the sector has grown significantly in the last decade, the industry is presently going through a severe economic crisis. The Airline industry combined reported estimated losses of Rs.9771 crores and a debt of Rs.85,865 crores in the FY 2012-13. The spiralling cost of ATF, economic slow-down, devaluation of rupee, low yield, high operational costs and the consequent widening gap between revenue and expenditure contributed to this financial crisis.
Read news in full 02/12/13 Odisha Diary