India to emerge third largest aviation market by 2029 says ACI at India Aviation 2012
India is on its way to become the third largest aviation market by 2029, Dr Rafael Echevarne, Director of Economics and Programme Development, Airports Council International (ACI) said at the second day of India Aviation 2012 summit at Hyderabad.
India is all set to emerge as the third largest aviation market by 2029, Dr Rafael Echevarne, Director of Economics and Programme Development, Airports Council International (ACI) said at the second day of India Aviation 2012 summit at Hyderabad in the south Indian state of Andhra Pradesh, a PIB statement said.
According to the statement, the issue pertaining to shaping the Indian civil aviation’s future, impact of financial and airlines’ debt crises on aviation industry, ensuring affordable and sustainable connectivity for passengers and freight, were discussed at the business session on ‘Roadmap for Civil Aviation: Turbulence and Recovery’.
Dr Echevarne highlighted the growth trajectory of aviation in India during the last five years in which the country improved its rank from 101st in 2007 to 12th in 2010 in terms of airport maintenance, traffic handling and passenger facilities. In order to sustain this, India would require putting in place a regulatory framework that encourages investment, ensures safety and facilitates development of tourism.
Stressing on restoring Indian Aviation competitiveness during his keynote address Tony Tyler, IATA’s Director General and CEO suggested that airlines purchases should be aligned with international principles. What is more, he recommended infrastructure expansion, rationalisation of airport charges, investment policies which enable 49 percent direct investment by overseas carriers.
The groundwork, undertaken by the Ministry of Civil Aviation in consultation with the industry stakeholders towards a National Aviation Policy was appreciated by the industry captains.
Amber Dubey, Director Aviation, KPMG, which is the knowledge partner of India Aviation 2012, said initiatives like formulating an Air Cargo Promotion Policy, proposal to set up a full-fledged aviation university, investments in MRO hubs are positive steps taken by the Government. He added there is urgent need to develop no-frill airports in tier 2 and 3 cities in keeping with the potential increase in air passengers in India.
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Page Updated Last on: Mar 16, 2012