The total number of domestic air passengers has risen from 60 million to over 150 million over the past decade showcasing the growth of India’s civil aviation industry with a Compound Annual Growth Rate (CAGR) of 14.5 per cent, said Union Minister for Civil Aviation Jyotiraditya M Scindia.
Inaugurating the four-day “Wings India 24” extravaganza kickstarted in Hyderabad, Scindia said, “We are clocking more than 4.5 lakh Pax a day on a regular basis with a high of 4.67 lakh domestic passengers recently. In the six years leading to FY 2020 the number of international passengers had also grown at CAGR of 6.1 per cent.”
“We are clocking more than 4.5 lakh Pax a day on a regular basis with a high of 4.67 lakh domestic passengers recently. In the six years leading to FY 2020 the number of international passengers had also grown at CAGR of 6.1 per cent.”
Minister Jyotiraditya Scindia
Domestic Cargo volumes handled by Indian airports in the 15 years leading to FY 2019 increased by 60 per cent while international cargo volumes increased by 53 per cent. However, despite the tremendous growth in recent times, India still remains highly under-penetrated market.
“Even if, as per projections, the number of domestic passengers reaches 635 million by FY 2030, India will still be one of the least penetrated of the 20 largest markets.”, Scindia said.
The Union Minister said that Aviation sector is one of the key drivers of economic development and its growth in the emerging economies has been incredible. The aviation economy provides significant economic and social benefits as it facilitates tourism, trade, connectivity, generates economic growth, provides jobs, and provide a lifeline for remote communities and enable a rapid response during unprecedented situations.