Indian airlines are projected to record a consolidated loss of $1.6 to 1.8 billion in FY23-24, according to aviation consultancy CAPA India. The figure includes a loss of $1.1 to 1.2 billion expected to be incurred by full-service carriers alone in a market dominated by low-cost carriers. Airlines are also expected to induct 132 planes during the ongoing financial year, which will take the total fleet of all carriers to 816 aircraft. However, as many as 100 planes of various Indian carriers are on the ground due to supply chain and other issues.
At the CAPA India Aviation Summit 2023, Union Minister for Civil Aviation Jyotiraditya Scindia said it was time for India to look at the manufacturing of aerospace products as he highlighted the growth potential of the country’s aviation sector. Mr. Scindia also said domestic airlines are together projected to have a fleet of about 2,000 planes in the next five to seven years.