2,300 New Planes In The Indian Skies: Boeing Projects $320 Billion Worth Of Aviation Orders In Next Two Decades

2,300 New Planes In The Indian Skies: Boeing Projects $320 Billion Worth Of Aviation Orders In Next Two DecadesRepresentative Image. (David McNew/Getty Images)

Boeing Company on Wednesday (19 December) has raised its projection of India’s aircraft orders to a record high as it expects the country to order 2,300 planes worth $320 billion in the next 20 years from global plane makers, Financial Express has reported.

The United States based plane maker’s estimates for the period to 2037 grew by 9.5 per cent from its previous prediction made last year. Boeing expects India, which is one of the fastest growing aviation markets, to become the third largest commercial aviation market by the early 2020s.

According to the report, the domestic passenger traffic in India is growing at around 20 per cent in recent years.

However, due to high oil prices, hefty fuel taxes and a weak rupee, profitability of the airlines has hurt profitability in the segment and left full-service airlines like Jet Airways and Air India strapped for cash.

“India sees dramatic fares and discounts, and that is going to hurt airlines more and more,” Dinesh Keskar, Senior Vice President Asia Pacific (Sales), Boeing commercial airplanes.

Boeing expects 84 per cent, which is higher than global average, of its new jet deliveries to India will be single-aisle planes such as its 737 MAX.