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| Boeing remains bullish on India, sees air travel bouncing back |
| BS Reporter / New Delhi Jul 23, 2009, 13:33 IST |
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Aerospace major Boeing forecasts that the Indian market will require 1,000 commercial jets in the next 20 years, which will represent over 3 percent of Boeing Commercial Airplanes’ forecasted market worldwide. This makes India a $100 billion market in 20 years.
Boeing India President Dinesh Keskar shared the company’s market data and forecast on Tuesday at a media conference focused on Boeing’s view of India’s commercial airplane market.
India’s economy has averaged 7 percent annual growth over the past 10 years and the country’s economic growth remains among the strongest in the world. The record growth in air travel, which expanded rapidly in the past eight years due to liberalisation and favorable economic conditions, is now tracking at 2007 levels, Boeing said in a media statement.
Keskar said air travel in India, tied closely to the country’s economic growth, will rebound. “There is strength and resilience in the India commercial aviation sector over the long term,” Keskar said. “The potential for future growth of air travel, both domestically and internationally, is among the greatest in the world.”
Recent market forces and recession in many parts of the world have led to a contraction of India’s commercial aviation sector, with consolidation of airlines and an overall reduction of capacity.
Nonetheless, Keskar says India’s projected GDP growth over the next 20 years will average 6.5 per cent annually, driving a resurgence of demand and capacity growth for the country’s airlines.
“If you take a realistic and broad look at the India market, what resonates is that there is more positive than negative and the prospect for continued long-term growth remains high,” Keskar said.
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