India’s commercial plane market set for a flourish: Boeing

New Delhi, Jul 6: There is good news in store for the Indian aviation industry as Boeing expects the country's commerical airplane market to reach $150 billion over the next 20 years. The company believes that double digit growth and economic prosperity will act as the catalyst for the boom.

The aviation industry giant said that India will need 1,320 new passenger airplanes over the next 20 years.

Dinesh Keskar, Boeing India President said, “Robust growth with new economic prosperity amongst a massive Indian population, discretionary incomes, business progress and access to airports will increase airplane demand."

Air travel by Indians has seen a massive surge in recent times. During the financial year ending Mar 31, 2011, there were 53.6 million domestic and 13.1 million international passengers.

The company also said that in the coming years air passenger traffic in India is expected to grow at 8.1 percent annually while globally it is expected to grow at 5.1 per cent. He said, “In 2011, the economy continues to do well. Indian air carriers are becoming profitable and we expect the GDP to maintain its upward trend in the long-term. As a result, both the air travel and air cargo markets will grow."

And added, “The demand for new aircraft is driven by growth in developing and emerging cities, demand from low-cost carriers, and the need to replace an aging fleet."

But the company was also quick to point out that high inflation and volatile fuel prices will play a very important role in shaping the future trend of the industry.

OneIndia News