New Delhi:  Jyotiraditya Scindia, the Union Minister of Civil Aviation emphasised various aspects of the development of the Indian aviation industry while addressing the CAPA India’s Aviation Summit 2023 on March 20.

Speaking at the CAPA India's Aviation Summit 2023 Scindia emphasised the numerous facets of the growth of the Indian aviation industry. Speaking at the occasion, Scindia noted that once there were no passengers at all in the airports, and now here we are with 4.56 lakh domestic passengers travelling around the country each day.

"India will have more than 140 million passengers in the fiscal year 2024 alone, he said.

In the 6 years from FY 2014 to FY 2020 the number of Indian passengers has more than multipled  from 120 million to about 275 million at a Compound annual growth rate  of 14.5 percent and had there been no COVID outbreak we would have reached a CAGR of about 18-20 per cent, said the minister.

Commenting about the potential for exponential growth, the minister noted that although India is the third-largest domestic market in the world in terms of seat capacity, we are still ranked 18th globally.

"Therefore, the prospect for long-term consistent growth in the market seems very strong. India's real Gross domestic product  is expected to grow to about 252 trillion rupees in the fiscal year  2030 and GDP per capita will have increased from that of a lower middle-income country to an upper middle-income country.

India is becoming more urbanised, and by 2030, 40% of the country is forecast to be urbanised, up from 34.9% in 2020. Middle- and high-income households are experiencing substantially faster increases in disposable income than the national average. India will have one of the largest young populations in the world, which typically travels more frequently, he said.

Speaking on the development of the Drone Industry in the country the Minister said  that the market for drones is anticipated to grow from Rs 2900 crore in 2020 to about Rs 77,300 crore in 2025 at a CAGR of 80% and is further anticipated to reach up to Rs 2,95,000 crore by 2030. The number of people who may be employed in manufacturing and drone flying is close to 3 lakh.

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