India Aviation Report says country to become third largest aviation market by 2020

The FICCI-KPMG India Aviation Report launched on the second day of India Aviation Show here said the country is well on its way to become the third largest aviation market by 2020.
With 81 million trips, India's domestic aviation market grew at over 20.3% during Janurary-December 2015, the highest ever growth rate recorded in the world.
"In January, 2016, the passenger growth is 22%. Some people attribute this growth to fall in crude prices, but no other country in the world had achieved this kind of growth during the period," R N Choubey, secretary, Ministry of Civil Aviation, said at the launch event.
According to the report, the Indian Aviation 2016 civil aviation industryhas exhibited tremendous resilience to the global economic slowdown and ranks ninth in the global civil aviation market. This is largely attributed to the growing economy, increased competition among airlines, especially among low cost carriers, modern airports, greater use of technology, foreign direct investment and increased emphasis on regional connectivity.
The report observed that the National Civil Aviation Policy (NCAP 2016), which is likely to be out by next month, would provide a significant fillip to the industry. The various fiscal and monetary incentives, liberal policies focused on ease of doing business and enhanced push for regional and global connectivity are extremely positive, it says.
Stating that the growing competition among the states would provide a further fillip to the growth of India as well as its aviation sector, Union Civil Aviation Minister Ashok Gajapathi Raju said the task in front of them was to make India also economically great as it had already achieved greater heights in terms of culture and heritage. Earlier, the minister launched the India Aviation report.
The report suggests that aspects such as increasing disposal incomes, fall in prices of aircraft turbine fuel (ATF), increase in tourism, visa reforms, etc have placed India in a unique position. This brings the country closer to achieving its vision of becoming the largest aviation market by 2030, it said.