Domestic aviation traffic in India is estimated to touch 13.60 crore passengers for the financial year 2023, which is 60% more than the previous fiscal and marginally lower than pre-Covid levels by 4%, according to rating agency ICRA.
The official monthly figures released by the aviation regulator DGCA will be out in the second-half of the month.
The figure of 13.6 crore indicates a growth of 60% over 8.52 crore domestic passengers seen in financial year 2022, and is only 4% less than the 14.15 crore seen in financial year 2020.
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The total aircraft capacity deployed by airlines was also higher by 38% in financial year 2023 as compared to the previous fiscal, and ICRA estimates that in the ongoing fiscal airlines will altogether add aircraft equivalent of 10% of their combined fleet as supply chain issues continue to remain challenging for original equipment manufacturers, which has resulted in several grounded planes for various airlines due to a shortage of spares.
ICRA said that the outlook for the Indian aviation industry remains stable due to the growth in travel demand, which also allowed airlines to levy higher airfares. High ATF prices as well as depreciating rupee will continue to remain major challenges before airlines, besides the issue of aircraft capacity.
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