India’s Private Jet Market Reaching New Heights
Economic growth and a rising number of high net-worth individuals are providing a significant boost to India’s private aviation market, according to industry experts.
Canadian private jet company Bombadier forecasts 1,330 deliveries of business jets in India by 2030 by all business jet makers, as Indian corporates increasingly use executive jets to transport them between cities and remote locations in order to conduct business.
“Strong gross domestic product (GDP) growth, along with corporate profits and market capitalizations, is driving corporate wealth,” said Nilesh Pattanayak, managing director, South Asia, Bombardier Business Aircraft of Canada.
Key figures at the Singapore Air Show this week said tycoons in Asia are increasingly attracted to private jets as an alternative to commercial flights not just as a status symbol, but as a practical and economical solution.
"Global economic conditions have caused uncertainties in airlines' traffic and revenue projections,” added Mr Pattanayak.
“And in the days of high fuel costs, customers are looking for change. Moving towards highly fuel-efficient products will help airlines right size their fleets."
Bombardier currently has over 30 business jets based or registered in India.