310 million flyers in India by 2018-19 says Report

310 million flyers in India by 2018-19 says Report

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 recently.

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 Ratings and Research. 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 CAGR of 8.3%.

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.

You might also like

Latest

5 Women Leaders Redefining the Hospitality Industry

As we approach International Women’s Day on March 8th, it’s fitting to shine a spotlight on the remarkable women leaders who are making waves in the hospitality industry. In the

Latest

Shigmo festivities to begin in Goa from March 14 – 27, 2017

Goa’s biggest religious Hindu festival will kick-start on March 14 and will continue in various rural parts of Goa, spanning over a fortnight, with different days earmarked for celebrations in

Latest

Chrome River becomes a Sabre premier provider for expense reporting

Sabre to integrate Chrome River’s leading expense management solution into its new mobile platform for business travelers Sabre Corporation (NASDAQ: SABR), the leading technology provider to the global travel industry, has