Boeing forecasts that over the next 20 years the
Indian market will require 1,000 commercial jets valued at
approximately $100 billion - a market that represents over 3% of
Boeing Commercial Airplanes’ forecasted market worldwide.
Boeing India President Dinesh Keskar
shared the company’s market data and forecast earlier this week at a media
conference focused on Boeing’s view of India’s commercial airplane
India’s economy has averaged 7% annual
growth over the past 10 years and the country’s economic
growth remains among the strongest in the world. The
record growth in air travel, which expanded rapidly the
past eight years due to liberalization and favorable
economic conditions, is now tracking at 2007 levels.
Keskar said air travel in India, tied
closely to the country’s economic growth, will rebound.
“There is strength and resilience in the India commercial aviation
sector over the long term,” Keskar said. “The potential for future
growth of air travel, both domestically and internationally, is
among the greatest in the world and Boeing will continue its
efforts to be India’s preferred partner and aerospace provider.”
Recent market forces and recession in many parts of the world
have led to a contraction of India’s commercial aviation sector,
with consolidation of airlines and an overall reduction of
Nonetheless, Keskar says India’s projected GDP growth
over the next 20 years will average six and a half percent
annually, driving a resurgence of demand and capacity growth for
the country’s airlines.
“If you take a realistic and broad
look at the India market, what resonates is that there is more
positive than negative and the prospect for continued long-term
growth remains high,” Keskar said.
He also outlined
Boeing’s commitment to meet the needs of its airline customers in
India as they find equilibrium during the current slowdown and
readjustment of the market.
“Knowing the viability of this
market, Boeing is committed to work in partnership with India
while proactively pursuing our business and doing our utmost to
play a role in the country’s ongoing prosperity.”
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