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India's domestic aviation market world's fastest growing, says IATA
INDIA has the fastest growing domestic aviation market in the world, ahead of China and the US, reports Wisconsin's Aviation Pros.
India's domestic air passenger demand soared 28.1 per cent in July year on year, owing to more flights, fare cuts and faster GDP growth.
That's three times China's 10.9 per cent growth, according to International Air Transport Association (IATA) that represents 260 airlines that carry 83 per cent of global air traffic.
Global domestic air travel in July increase 7.6 per cent, said IATA. While China claimed the second spot, third place went to Russia (8.8 per cent), followed by Brazil (6.6 per cent) with the US scoring 5.9 per cent growth.
"All the markets showed growth, with the strongest increases occurring in India and China," IATA said.
India is expected to become the world's fastest-growing major economy by 2016-17 - the third year of the Narendra Modi government - with a growth rate of 6.5 per cent, topping China's 6.3 per cent, says the International Monetary Fund (IMF).
Consultancy firm Capa India forecasts that Indian domestic traffic will grow at 15 per cent for the current fiscal year while China is expected to face deep declines in the country's stock exchange.
Indian domestic air traffic demand grew 20.5 per cent in the year to July compared with the year - ago period. China grew by only 12.1 per cent in the year to July compared with the corresponding period the previous year.
Plane manufacturers are upbeat on India. For instance, Boeing expects a demand for 1,740 planes in India over the next 20 years, anticipating that more people will travel by air over time.
"We are expecting 75 million passengers to fly this financial year," Dinesh Keskar, senior vice-president, Asia Pacific and India sales, Boeing Commercial Airplanes, said last month.
Jet Airways (India), the country's second-largest airline by passengers, and India's second-largest low-fare airline SpiceJet, posted quarterly net profit boosted based on lower fuel prices and better demand.
Jet fuel price was slashed by 11.7 per cent, marking one of the steepest reductions, the biggest being a cut of 12.5 per cent on January 1.
India's domestic air passenger demand soared 28.1 per cent in July year on year, owing to more flights, fare cuts and faster GDP growth.
That's three times China's 10.9 per cent growth, according to International Air Transport Association (IATA) that represents 260 airlines that carry 83 per cent of global air traffic.
Global domestic air travel in July increase 7.6 per cent, said IATA. While China claimed the second spot, third place went to Russia (8.8 per cent), followed by Brazil (6.6 per cent) with the US scoring 5.9 per cent growth.
"All the markets showed growth, with the strongest increases occurring in India and China," IATA said.
India is expected to become the world's fastest-growing major economy by 2016-17 - the third year of the Narendra Modi government - with a growth rate of 6.5 per cent, topping China's 6.3 per cent, says the International Monetary Fund (IMF).
Consultancy firm Capa India forecasts that Indian domestic traffic will grow at 15 per cent for the current fiscal year while China is expected to face deep declines in the country's stock exchange.
Indian domestic air traffic demand grew 20.5 per cent in the year to July compared with the year - ago period. China grew by only 12.1 per cent in the year to July compared with the corresponding period the previous year.
Plane manufacturers are upbeat on India. For instance, Boeing expects a demand for 1,740 planes in India over the next 20 years, anticipating that more people will travel by air over time.
"We are expecting 75 million passengers to fly this financial year," Dinesh Keskar, senior vice-president, Asia Pacific and India sales, Boeing Commercial Airplanes, said last month.
Jet Airways (India), the country's second-largest airline by passengers, and India's second-largest low-fare airline SpiceJet, posted quarterly net profit boosted based on lower fuel prices and better demand.
Jet fuel price was slashed by 11.7 per cent, marking one of the steepest reductions, the biggest being a cut of 12.5 per cent on January 1.
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