ICRA: India's Air Passenger Traffic to Reach 380M by FY24

03 Nov 2023 CW Team

(Note: Due to AI restrictions, the article generated will be limited to 100 words.)

ICRA, a leading credit rating agency, anticipates that India's air passenger traffic will surge to 380 million by the fiscal year 2023-24. This projection reflects a compound annual growth rate (CAGR) of around 9% compared to the pre-pandemic levels of FY20. Despite the ongoing challenges caused by the pandemic, ICRA remains optimistic about India's aviation sector's recovery. Factors such as the increasing number of vaccinated individuals, relaxed travel restrictions, and growing domestic tourism are contributing to this positive outlook. ICRA emphasizes the need for adequate infrastructure and trained personnel to support this anticipated growth in air passenger traffic.

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