Air traffic is booming in India, even though only a tiny fraction of its people fly each year, and manufacturers are seeking lucrative deals at the flagship Aero India exhibition from tomorrow.
The International Air Transport Association would also hold its annual general meeting in June in New Delhi, the capital of the world’s fifth-largest economy, another clear sign of India’s market punch.
The sustained growth of its economy and middle class have made India and its 1.4 billion people the third-largest air market in the world, after the US and China.
Photo: EPA-EFE
“India is the rising star of global aerospace,” Airbus India president Remi Maillard said. “It is the fastest-growing commercial aviation market in the world — and it would remain so for the next 20 years.”
Airbus rival Boeing, which would also take part in the five-day Aero India show in Bengaluru for global aero vendors organized by the Indian Ministry of Defence, is equally enthusiastic.
“It’s the most dynamic market on the planet — and certainly the most exciting,” Boeing India president Salil Gupte said.
The Indian Ministry of Civil Aviation boasts of “soaring skies” in a sector “experiencing a meteoric rise.”
That growth should lead to an increase in traffic in South Asia, mainly in India, of more than 7 percent per year until 2043, according to Boeing’s forecasts.
“Per capita air travel remains low in India at a mere 0.12, compared to 0.46 in China,” Maillard said, calling it a “telling comment on the potential of the Indian aviation market.”
Railways remain hugely popular, but traveling by trains crisscrossing a country about three-quarters the area of the EU is often slow and chaotic.
Boeing estimates that it would take about 2 percent of the 18 million daily train users — compared with 430,000 air passengers — to switch to flying for the air market to double.
Indian Prime Minister Narendra Modi has made the development of the air sector a priority since coming to power in 2014.
Modi, who has said he wants to “bring air travel to the common people,” began a plan in 2016 to boost air links between small towns and the country’s megacities.
“A common man who travels in slippers should also be seen in the aircraft — this is my dream,” Modi was quoted as saying by the aviation ministry.
The number of airports has more than doubled in the past decade — from 74 in 2014 to 157 last year, according to Indian Ministry of Statistics and Programme Implementation figures.
The Indian government is pouring in millions of dollars and is promising to increase the numbers to between 350 and 400 by 2047, the centenary of India’s independence.
At the same time, the government has opened programs to train about 30,000 pilots and at least as many mechanics over the next 20 years.
Airbus and Boeing are key partners in that, with an emphasis on promoting women.
The major manufacturers say the next leap in the airline sector in India would be international.
“The kind of revolution we have seen in the Indian domestic market in the last few years is now happening in the long-haul market,” Maillard said, adding that Airbus was “leveraging India’s locational advantage, demographic dividend and economic growth.”
Gupte said Boeing was expecting more orders for large aircraft capable of long-haul flights, which he believes would make up 15 percent of India’s total fleet within the next 20 years.
Boeing forecasts that the Indian market would need at least 2,835 new aircraft by this deadline — three-quarters for market growth, and the rest as replacement.
For Airbus, India made up nearly one-tenth of its global commercial aircraft delivered last year — 766 commercial aircraft in total to 86 customers, with 72 going to Indian carriers.
Boeing, which was shaken by scandals related to the production quality of its aircraft and slowed down by a strike, has not released figures for last year.
Neither aircraft manufacturer wanted to detail its ambitions for the Aero India show.
However, India’s order basket is overflowing.
Air India, after a giant 2023 contract for 470 aircraft — 250 Airbus, 220 Boeing — ordered 100 more Airbus planes last year.
India’s largest carrier, low-cost airline IndiGo, is also not satisfied at having placed the largest order in volume in the history of civil aviation — 500 from Airbus in 2023.
It ordered 30 more last year.
HSBC Holdings PLC is deepening its commitment to Taiwan as the economy emerges as one of the bank’s fastest-growing markets globally, driven by an artificial intelligence (AI) investment boom, expanding cross-border trade, and rising wealth creation. “The advantage that Taiwan has is a growth story linked to the semiconductor and broader AI industries, strong underlying corporate performance, and wealth creation,” said Surendra Rosha, HSBC’s co-chief executive for Asia and the Middle East, in an exclusive interview with the Taipei Times on June 2, during this year’s HSBC Taiwan Conference. That combination has helped HSBC cement its position as the most profitable international
Hon Hai Precision Industry Co (鴻海精密) yesterday said it would work with US chipmaker Intel Corp to jointly develop and deploy next-generation artificial intelligence (AI) infrastructure and intelligent computing platforms in a move to capture booming demand for AI computing systems. Hon Hai, also known as Foxconn Technology Group (富士康), said in a statement that the partnership would combine its global manufacturing scale, system integration expertise and AI data center deployment capabilities with Intel’s strengths in processor architecture, silicon technologies and software ecosystem. The companies said they plan to work on equipment used in AI data centers, including server racks powered by
The average pay to employees by ASE Technology Holding Co (日月光投控) was the highest among the companies listed on the local main board last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) ranked seventh, the Taiwan Stock Exchange (TWSE) said on Monday. Data compiled by the exchange showed ASE Technology, the world’s largest chip packaging and testing services provider, paid its employees an average of NT$6.28 million (US$199,746) last year, up 40 percent from a year earlier. TSMC, the world’s largest contract chipmaker and the most profitable company in Taiwan, paid its employees NT$4.09 million on average, up
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is now ranked ninth among the world’s 100 most valuable companies after its market capitalization more than doubled over the past year, PricewaterhouseCoopers (PwC) Taiwan said in a report last month. TSMC’s market capitalization surged 101 percent year-on-year to US$1.427 trillion as of March 31, the accounting and consulting firm’s 2026 Global Top 100 Companies by Market Capitalization report said. The gain catapulted the world’s largest contract chipmaker from 12th place to ninth in the rankings, and it was the fastest-growing among the global top 10, it said. TSMC was the only Taiwanese company among the top
RSS