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Air travel demand gains altitude, traffic in March up by18%

Triggered by market stimulation caused due to discounted fares and general strengthening of economy, Indian domestic aviation sector witnessed 17.9% jump in traffic in March as compared to previous period last year, reveals the latest data released by International Air Transport Association (IATA). This growth is more than-two fold of the global average.

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Triggered by market stimulation caused due to discounted fares and general strengthening of economy, Indian domestic aviation sector witnessed 17.9% jump in traffic in March as compared to previous period last year, reveals the latest data released by International Air Transport Association (IATA). This growth is more than-two fold of the global average.

Domestic air travel rose by 8% in March year-on-year. Only China's domestic travel sector growth, measuring 22%, stood ahead of India. Indian domestic aviation had grown 14.8% in February, ahead of every other country in the world, with Brazil coming at a distant second with 9.2% growth, followed by China's 8.4% growth.

IATA is the trade association for the world's airlines, representing some 250 airlines or 84% of total air traffic. "March traffic continues the trend of healthy demand for travel. We may, however, see a softening of demand in the second quarter. There are signs that regional trade activity in Asia-Pacific may be slowing and Eurozone economic weakness continues to disappoint," said Tony Tyler, IATA's director general and CEO.

According to aviation industry insiders, India's aviation market is at a turning point in view of the improving economic confidence post the stable new government in place at the centre last year.

A CAPA (Centre for Asia pacific Aviation) report last year predicted the Indian domestic aviation market to grow at around 8-10% in the current calender year. An estimate done by Civil aviation ministry in 2013 claims that India will become the third largest aviation market by the year 2020, and the largest by 2030. At present, the country is the ninth largest market in the world.

Civil aviation ministry projects that by 2020, India's airports would be handling 336 million domestic and 85 million international passengers, with projected investment to the tune of $120 billion.

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