India will overtake North America and China as the world’s single largest passenger and freight aviation market by 2025, Asian Aerospace Congress delegates were told.
Dr CG Krishnadas Nair, president of Society of Indian Aerospace Technologies and Industries (SIATI), says: “Economic success is boosting aviation growth. Passenger traffic in 2006-07 was 100 million and in the next decade or so will double. Cargo is moving at a similar pace.”
India would account for of 10% of the world aerospace industry by 2020 through a combined process of international joint ventures through a government offset clause, market liberalisation and economic growth. Currently Indian aerospace accounts for just 2% of the total world share.
India is now in its seventh decade of being involved in aerospace and our capabilities of software applications, research and in civil transport alongside our market size makes it a tremendous opportunity for foreign investment and co-operation,” says Nair.
Nair says a middle class appetite for air travel means airlines will require at least 230 aircraft with more than 100 seats over the next five years – an investment worth approximately $260 billion. However, this means investment needs to start now.
India will require 6,000 pilots over the next 10 years. We need to set up schools and get them trained. The same is true with other air crew and maintenance personnel,” he says.
Nair adds that SIATI is keen to talk to potential partners in the training and MRO sectors and he and his government colleagues are at the show to do business. “Our motto at SIATI is growth through partnership,” he says.
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Source: Flight Daily News
