Aviation industry is among the major contributors to India’s GDP. In India, the GDP contribution of the aviation sector is nearly $72 billion. In terms of aircraft passengers, India is the fifth-largest market (Domestic and International). Indian Aviation sector includes civil and military aviation. As of March 2019, India has 103 operational airports and working towards increasing the number of operational airports to 190-200 by 2040. Increasing air passenger traffic coupled with the improving standard of living is contributing to the growth of the Indian civil aviation industry. India’s passenger traffic reached at 293.9 million up to January 2020, of these International passenger traffic stood at 58.55 million and domestic passenger traffic stood at 235.4 million.
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The military aviation sector is also witnessing potential growth owing to the rising military spending in the country. India is the third-largest military spenders across the globe, increased by 6.8% and reached $71.1 billion in 2019. This leads to emerging contracts for fighter jets in the country. As a result, increasing FDI in the Indian aviation sector has been witnessed which is driving competition among companies. Under the automatic route, the Indian government has allowed 100% FDI in domestic scheduled passenger airline, scheduled air transport service, and regional air transport service. However, FDI with more than 49% requires government approval. This contributes to the increasing entrance of foreign companies associated with the aviation sector.
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