India's Aviation Industry Poised for Unprecedented Growth: Economic Survey 2023-24

According to the Economic Survey 2023-24, India's aviation industry is on the brink of significant expansion. The report highlights a synergy need between the government and stakeholders, advocating for infrastructure investments and skill development to support this growth. Emphasizing sustainability, it also stresses the importance of long-haul connectivity and MRO sector enhancement.

India's aviation industry is set for dramatic growth, as indicated by the Economic Survey 2023-24 released on Monday. The report underscores the necessity for improving airline efficiency and viability while maintaining environmental sustainability. Collaborative efforts between the government, industry stakeholders, and international partners are vital to propel the sector forward.

One key area of focus is enhancing long-haul connectivity from India. Currently, a significant portion of Indian international traffic relies on hubs in the Middle East and Southeast Asia. Strengthening Indian airlines is essential for keeping this traffic within the country's borders.

Fueled by rising demand, economic activity, increased tourism, and expanding aviation infrastructure, India's civil aviation sector is thriving. The country, which is the third-largest domestic aviation market, registered a 15 percent increase in total air passengers to 37.6 crore in FY24. This growth demands expanded airport capacities and more skilled workers, highlighted Finance Minister Nirmala Sitharaman while tabling the survey.

(With inputs from agencies.)