India will become the most exciting market for global aviation: IATA DG Willie Walsh
global aviation, industry group International Air Transport Association (IATA) said. Willie Walsh, director general of IATA said that due to investments made by the Indian government on airport infrastructure, the potential of growth from the Indian market has increased manifold.
IATA counts more than 300 airlines as members.
“I think India is the market for the future.
I will be very optimistic about its growth. Potential growth in India is going to make it a very exciting market,” Walsh said in response to a query from ET.
IATA also forecasted that revenues for airlines are set to grow in 2024 as continued growth in post-pandemic travel is offset by the high cost of capital and capacity constraints.
The airline sector returned to profitability in 2023, with net profit expected at $23.3 billion on a 2.6% margin, and is set to reach $25.7 billion and a margin of 2.7% next year, the global industry group said.
The airline industry's operating profit is expected to touch USD 49.3 billion in 2024 from $ 40.7 billion this year.
In 2024, the total revenue is estimated to grow 7.6 per cent to $964 billion compared to 2023.
This growth is primarily being driven by emerging economies like India as compared to developed markets, Andrew Matters, director, policy and economics at IATA said. But, this has been driven more by the domestic market as compared to international traffic, he said.
