According to an industry consultancy, domestic and international passenger traffic will increase by more than 20% in FY24.
To meet increased demand, Indian carriers plan to add 132 aircraft in FY24. As per CAPA, India's yearly outlook, Air India will add 53 aircraft, and IndiGo will add 49. By the end of March 2024, there will be 816 airlines operating out of India, up from 684 at the end of March 2023.
In FY24, domestic traffic will increase by about 20% year-over-year to 160 million passengers, while foreign traffic will increase by 22–27% to 72–75 million passengers. It was reported that low-cost carriers should employ more capacity on international routes to significantly boost traffic.
According to the data from the Directorate General of Civil Aviation, domestic air traffic grew 47.5% year-on-year to 123.2 million in the calendar year 2022.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.