IATA Current Affairs

India To Become Third Largest Aviation Market : IATA

India will be among the top three aviation market by 2024 according to International Air Transport Association (IATA) in its 20- year air passenger forecast report. India is currently at seventh position in Global Aviation market.

Key Highlights Of Report

  • The number of air passengers around the world will double to 8.2 billion in 2037.
  • China will displace the US as the world’s largest aviation market in the mid- 2020. India will take  the third place after US around 2024  surpassing UK.
  • By 2037, India is expected to add 414 million passengers to its existing 572 million passengers.
  • Home passenger traffic in India is growing at around 18.28 per cent to reach 243 million  in 2018-19 and will grow to 293 million in 2020.
  • When it comes to International traffic, it grew by 10.43 per cent to reach 65 million in 2018 and will grow to 76 million in 2020.
  • The biggest growth in terms of air traffic will come from Asia- Pacific region with more than half the number of total new passengers in next 20 years.
  • The Asia-Pacific region is expected to see the fastest growth at the rate of 4.8%, followed by Africa (4.6%) and West Asia (4.4%).

International Aviation Traffic Association (IATA): It is the trade association for the world’s airlines formed in 1945 and headquartered in Montreal, Canada. It represents around 280 airlines or 82% of total air traffic. It helps to formulate aviation sector policy and standards. It also provides training services in many areas of aviation.

Challenges To India Aviation Sector

The study identified several factors that can impact the future growth of Indian aviation industry:

Growth Policy

The growth policy of 6.1% annually is expected to result in a total market of 520 million Indian passengers in 2037.The protectionist and other negative policy will hold India’s growth back to 4.9% and the total market will be 400 million in 2037.

Ease of Doing Business

India is now at 100th position among 132 countries on World Bank’s Ease of Doing Report. The improvement in this area will impact sustainable growth of aviation sector.

Travel and Tourism Competitiveness

India has also risen from 52nd place to 40th place in 2017 World Economic Forum’s Travel and Tourism Competitiveness Index. The improvements in this area as well as in airport infrastructure will further enhance India’s aviation market.

Month: Categories: Business, Economy & Banking Current Affairs

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IATA partners with Civil Aviation Ministry and National Aviation University

The International Air Transport Association (IATA) has signed Memorandum of Understanding (MoU) with Ministry of Civil Aviation (MoCA) and National Aviation University (NAU) to enhance human resource availability in India’s aviation industry.

Key Facts

The three parties to the MoU formalised this partnership on sidelines of Wings India 2018 held in Hyderabad, Telangana. Under the agreement, signatory institutions will leverage existing infrastructure for training in India to expand reach of vocational training in aviation disciplines. It also provides for developing closer academic cooperation between IATA and National Aviation University.

India is expected to be third largest aviation market in the world behind China and US by 2024. It is forecasted to grow to a market size of 480 million passengers in 2036. This partnership will help contribute to human resource capacity building for India.

Wings India 2018

It was international exhibition and conference on civil aviation sector hosted from March 8-10, 2018 at the Begumpet Airport in Hyderabad. It provided forum for rapidly changing dynamics of aviation sector. It was jointly organised by Federation of Indian Chambers of Commerce and Industry (FICCI), Ministry of Civil Aviation and Airports Authority of India (AAI). Its theme was ‘India – Global Aviation Hub’. It hosted numerous conferences focusing on aviation policy issues and business aspects with eminent speakers, policy makers and experts.

International Air Transport Association (IATA)

  • IATA is trade association of the world’s airlines. It was established in April 1945 and is headquartered in Montreal, Quebec, Canada with Executive Offices in Geneva, Switzerland.
  • It supports airline activity and helps formulate industry policy and standards. Its mission is to represent, lead and serve the airline industry.
  • It comprises 278 airlines, primarily major carriers, representing 117 countries under its ambit. IATA’s member airlines account for carrying approximately 83% of total aviation traffic across the world.

Month: Categories: India Current Affairs 2018

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