India's aviation sector is expected to grow at a compound annual growth rate (CAGR) of 5.8 percent for the next 20 years, International Air Transport Association (IATA) Head of Policy Analysis Andrew Matters has said.
The trade body foresees India emerging as the world's third-largest aviation market in the next 10 years.
"We at IATA expect Indian aviation to cater to 430 million additional air passenger journeys to and from and within India in 2040 compared to 2019," Matters said on November 15 at IATA Aviation Energy Forum.
Rajiv Bansal, secretary in the Ministry of Civil Aviation, said the Indian aviation sector was expanding faster than any other large economy in the world.
By December, India would have inaugurated six new airports in a span of 12 months, the officer said.
"A new airport will be inaugurated in Itanagar next week and another one will be inaugurated in Goa in the next three-four weeeks," Bansal said.
The expansion of Delhi’s Indira Gandhi International Airport would also be completed by August, increasing its throughput capacity to 100 million passengers a year.
Bansal, however, said that the country’s aviation sector’s growth would be limited by the ability of manufacturers to meet the Indian carriers demand for aircraft.
Several Indian airlines were resorting to stop-gap measures such as leasing aircraft to expand their fleet and meet the rising demand for travel in the country.
The government was working to make it mandatory for airlines in India to use sustainable aviation fuel (SAF).
"The ministry of civil aviation and ministry of petroleum are looking to make it mandatory for airlines in India to use blended aviation fuel," Bansal said.
The government hoped to create demand for SAF in India and promote its production.
Bansal also added that the civil aviation ministry was also working on three projects to produce SAF in India.
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