Jyotiraditya Scindia highlights various aspects of the growth of the Indian Civil Aviation Industry
Minister of Civil Aviation and Steel Shri Jyotiraditya M. Scindia highlighted the various aspects of the development of the Indian aviation industry while addressing the CAPA India’s Aviation Summit 2023 today.
Addressing the event, Shri Scindia said that there was a time when the airports were devoid of a single passenger and here, we are today when we have already crossed figures of 4.56 lakh domestic passengers in a day. India will have more than 140 million passengers in FY 2024 alone, he added. In the six years from FY 2014 to FY 2020 the number of domestic passengers has more than doubled from 120 million to about 275 million at a CAGR of 14.5 % and had there been no COVID outbreak we would have reached a CAGR of about 18-20 %.
Speaking about the scope of exponential growth the minister said that India is the third largest domestic market in the world in terms of seat capacity, but in terms of international seat capacity we are still ranked at the 18th position. Therefore, the prospect for long-term consistent growth in the market seems very strong. India’s real GDP is expected to grow to about 252 trillion rupees in FY 2030 and GDP per capita will have increased from that of a lower middle-income country to an upper middle-income country. India is witnessing increasing urbanization, and it is expected to increase from 34.9% in 2020 to a projected 40 % in 2030. The disposable income of middle and high-income households is rising much faster than the national average. India is going to have one of the largest young populations in the World, which usually has a greater propensity to travel.