Economic Survey 2018 underlines growth of domestic aviation sector, India the fastest growing market
Domestic passenger departures grew 23.5% in 2016-17, as compared to 3.3% in the US and 10.7% in China.
India is the third largest and the fastest growing domestic aviation market in the world in terms of number of domestic tickets sold, said the 2017-18 Economic Survey, which was tabled today in the Parliament.
The survey added that domestic passenger departures grew by 23.5 per cent in 2016-17, as compared to 3.3 per cent in the US and 10.7 per cent in China. From 2007-08 to 2016-17, the domestic passenger traffic grew by a compound annual growth rate of 9.89 per cent.
The cargo segment also grew handsomely in the year. The domestic air cargo handled was 0.61 million metric tons, a growth of 10.27 per cent over the corresponding previous year. International air cargo grew by 19 per cent to 1.07 million metric tons.
The Economic Survey also listed out the 18 new airports that will come up in the country. “Government has granted in-principle approval,” said the Survey.
Separately, the Government has allotted Rs 4,500 crore for revival of 50 unserved and underserved airports/air strips. These will be completed by December 2018. But the Survey added that the “revival of airstrips/airports will be ‘demand driven’, depending upon firm commitment from airline operators a well as from the state governments.”
“This is more than double the foreign tourist arrivals in India. Domestic tourist visits grew by 12.7 per cent to 1,614 million in 2016 from 1,432 million in 2015,” it added.