Indian Aviation Industry set to grow at 25%

From Times of India (23/11/2006)


NEW DELHI: India's aviation industry is likely to grow at the rate of 25 per cent for the next 10 years, presenting a huge opportunity for foreign and private players, Civil Aviation Minister Praful Patel said on Thursday.

"India's domestic aviation segment is likely to grow by 50 per cent and the international aviation segment by at least 25 per cent in the current fiscal year," Patel said while inaugurating the first EU-India aviation summit.

Overall, the growth rate of the aviation sector in the next 10 years would not be less than 25 per cent. This implied huge opportunity for foreign and private players in the field of airport infrastructure, communication, cargo development and other fields, the minister added.

Earlier, addressing the summit, EU Vice President Jacques Barrot said EU and India were deliberating on a "horizontal" aviation agreement.

The aim of the "horizontal agreement" would be to amend certain provisions in bilateral agreements between India and EU member states so they could be in conformity with a much broader agreement between India and EU, Barrot said.

"India and EU are likely to finalise in 2007 the horizontal agreement and prepare a joint action plan to address key issues in the aviation sector," Barrot said.