If we would have been talking about booming industry or sectors in India 5 years back, No doubt we would have been talking about Real Estate, IT, etc.
But if we talk about the booming sector right now. It is not going to be anything else than Aviation. Be it is due to rising demands of mammoth population or providing acceleration to International trade and Tourism, Aviation industry is sure to grow exponentially in coming years.
Have you ever spent your time thinking of how the aviation industry in India that started in the year 1912, has grown from just a few numbers of aircraft to be the most gigantic and one of the most lucrative industries in the booming India?
Sit still on your chairs and relish the amazing and very interesting ride in the foreseeable future of our Indian Aviation Industry. Yes! The Indian Aviation Industry has finally airborne…!!
Over the last couple of decades, the aviation industry has evolved significantly. The industry has been reported to be the ninth on the list of the top ten aviation markets in the world. India owns around 450 airports and 1091 registered aircrafts today. Rushing towards the high growth trajectory, India is aiming to be the third-largest aviation by 2020 and the largest by 2030.
“Indian Youth who dream of a career with challenge, excitement and high salary package need to head nowhere else than Aviation. Aspiring students must educate and train themselves to leverage this opportunity.”
Large scale collaborations between international and domestic airlines, emergence of world class airports and liberal Foreign Direct Investment (FDI) norms are also taking part in pitching India as an upcoming leader in the global aviation sector.
Unfolding the brighter side of the Indian Avionics, let’s have a squint on the driving forces and the chief constituents that are fabricating the Indian Aviation Industry to be the next big thing.
- Contributor to the economic growth of the Nation:
The aviation sector is one of the most significant sectors in contributing to the economic growth and development of the Nation by facilitating tourism and trade, the two imperatives of National Income. Among the top ten such global industries, Indian Civil Aviation Industry is standing out with a size of around US$16 billion, according to a report. Presently, this industry is supporting around 0.5% of the GDP of India. The Indian airports, on a combined capacity, are administering about 220 million passengers and 4 million tones cargo per annum, with a potential estimable growth further. Traffic at the Indian airports is anticipated to reach up to 450 million, by 2020.
2. Ability to overcome the geographical barriers:
India, being perfectly placed between the western and the eastern hemisphere, enables us to hold the upper hand of its geographical location to become the hub of global aviation industry and overcome such barriers between the states, countries and the continents.
3. Potential to become a significant part of global aerospace supply chain:
Keeping in mind the future air transportation requirements, and desire to become a global player in developing aerospace technologies, India undoubtedly possess the potential to emerge as a preferred destination for manufacturing of aerospace components. India, currently offering cost advantages between 15-20%, is backed up by the top-notch scientific and technical institutes, which caters other positive offerings on the table.
4. Prospective global center for MRO:
Robust technical and engineering capabilities, research and development skills that Indian Engineers take possession of, enables them to impart world class engineering services which presents the potentiality of Indian Aviation Industry to become the global center for Maintenance, Repair and Overhaul.
5. Career and Employment opportunities:
In popular imagery, the profession of a pilot has a special mystique attached to it, among the better-paid and one of the most attractive jobs in India. The country is focusing on the modernization of the aviation industry that comprises construction of new airports and innovating the existing ones, modern air navigation system development, and airport connectivity infrastructure development and devising ways to reduce the cost but still providing modern aviation facilities. This developmental projection has opened up innumerable avenues for the aspirants to grab the employment opportunities by being the next generation aviation professionals.
6. Civil Aviation- A new era of expansion:
India is now experiencing and is all set to take a flight of new era of expansion that is driven by the forces like low cost barriers, FDIs, growing emphasis on regional connectivity, modernized airports, and cutting edge Information Technology interventions. One can easily witness that the civil aviation sector has been growing steadily.
7. Market opportunities ahead of the Indian Aviation:
The Indian Government is investing USD 12.1 billion in the airport sector in the 12th five-year plan amid rapid air traffic growth. The airlines are expected to operate about 1000 aircraft by 2020. Also, the government has furnished the Indian Aviation sector with FDI up to 49% in domestic airlines by the foreign carriers. With this tremendous growth, domestic and international passenger traffic is expected to grow at an annual average rate of 12% in the next five years.
8. Indian Aviation- from the view of an investor:
As India is amongst the fastest growing and currently the ninth largest civil aviation market, becomes one of the most prominent reasons why an investor should not overlook the sector before investing. India is also expecting to generate investments totaling to USD 9.3 billion from the private sector.
All in whole as the Aviation sector in India is flying towards tremendous growth, there is an ample opportunity for young Aviators to be a part of this growth.