'Executive jet poised for growth in India, WAsia'

Mumbai, June 12: India offers enormous potential for executive jets costing between two million to 50 million dollars, industry experts said today.

The country has 36 executive jets at present, said Mr Ashok Pratap Rai, chief executive officer of fractional ownership company Club One Air. ''Favourable demographics, rapid economic growth, booming domestic and international air traffic point to stupendous growth in business jet fleet in the next three to four years.'' In 2006, the government gave import permissions for 100 aircraft, said Mr Rai while speaking during a panel discussion organised by the Centre for Asia Pacific Aviation (CAPA).

Only recently, he said, the government has mandated air taxi services which will be a key driver in the market growth.

''The huge, previously stunted demand is expected to key a major surge in buying of business jets, especially in the six to eight seat range, with the next three years looking especially robust. In ten years time, over half of us will come to the next CAPA event in an executive jet.'' Viewing the situation from other side of the Arabian Sea, Ms Rimzie Ismail, general manager for marketing at Dubai Department of Civil Aviation, said private jets have played a role in incredible development of Dubai.

The emirate's airport used to handle one or two arrivals a month till recently. In 2006 it accommodated 6,500 movements, mostly by private owners.

Recognising the value of attracting high net worth individuals for Dubai's economy, the airport now boasts a world-class dedicated executive jet terminal with a comparable facility planned for the new airport at Jebel Ali.

Ms Ismail said the regional levels of business jet usage already high given the small population with an executive fleet of 300 aircraft are set to double in the next five years by which time such travel will account for 40 per cent of the intra-regional air travel market.

UNI