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Boeing India President Dinesh Keskar while sharing the company’s market data and forecast says India’s commercial airplane market is viable, resilient and poised to rebound supported by the country’s strong GDP growth
Boeing forecasts that over the next 20 years the Indian market will require 1,000 commercial jets valued at approximately $100 billion — which represents over 3 percent of Boeing Commercial Airplanes’ global market forecast.
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 the past eight years due to liberalization and favourable economic conditions, is now tracking at 2007 levels.
Keskar re-iterated the close link of air travel and GDP growth.
“There is strength and resilience in the India commercial aviation sector over the long term,” “The potential for future growth of air travel, both domestically and internationally, is among the greatest in the world and Boeing will continue its efforts to be India’s preferred partner and aerospace provider.”
Discounting the ongoing consolidation of airlines and an overall reduction of capacity, Keskar projected India’s GDP growth over the next 20 years will average six and a half percent annually, driving a resurgence of demand and capacity growth for the country’s airlines.
In a clear reference to the ongoing crisis at Air India, Keskar also outlined Boeing’s commitment to meet the needs of its airline customers in India as “they find equilibrium during the current slowdown and readjustment of the market.”
