New Delhi, Sep 29 (SocialNews.XYZ) India's aviation market is expanding faster than the pace at which airlines are adding capacity, Union Civil Aviation Minister Ram Mohan Naidu said on Tuesday.
Speaking at an event here, Naidu said revenue passenger kilometres (RPKs) in India have grown at a compound annual growth rate (CAGR) of 7.3 per cent over the past decade, compared to a 7 per cent CAGR in available seat kilometres (ASKs) offered by airlines.
"This means the market is growing faster than the seats," the minister said, underlining the need for continued expansion in aviation capacity and connectivity.
India has emerged as the world's third-largest domestic aviation market, driven by rising incomes, increasing regional connectivity and growing demand for air travel. The government now aspires to make the country the third-largest aviation market globally in the coming years.
To support this growth, Naidu said the government is pursuing an ambitious airport expansion programme. The number of operational airports in the country has increased from 74 in 2014 to more than 166 currently. The government has set a target of expanding the network to 400 airports by 2047.
According to the minister, 66 airports are presently under development, while another 100 airports are planned over the next decade as part of efforts to strengthen air connectivity across the country.
Naidu also announced that Routes Asia 2027, one of the aviation industry's key global networking and route development events, will be held in India from March 16 to 18, 2027.
He said hosting the event would help boost both regional and international air connectivity and further enhance India's standing in the global aviation sector.
"Routes Asia 2027 is going to be held in India from March 16 to March 18. It is a very important global aviation event, especially when the globe is trying to connect to each other. In India, we have seen that it has become the third largest domestic aviation market, and we aspire to become the third largest aviation market globally," he stated.
"And for that, connectivity is very, very important. We have hosted many important aviation events in the past two years also, right from the ICAO Asia-Pacific Ministerial Conference to our BRICS Summit, and then we also had the IATA 81st Annual General Body Meeting. And now Routes Asia 2027, so this is going to give a good boost for our regional connectivity and also international connectivity. We have expanded the airport network in the country, and the next step for us is to improve the connectivity," the minister added.
Source: IANS
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