Seattle-based aircraft manufacturer, Boeing has forecast that over the next 20 years the Indian market will require 1,000 commercial aircraft valued at approximately $100 billion. The economic slowdown has shrunk corporate traffic globally by 20% and economy travel by 9%, but Boeing expects a rebound in the Asia-Pacific region, driven by the county’s future needs.
Last year, the aircraft manufacturer had forecast a requirement of 1,001 aircraft by Indian carriers worth $105 billion in the next 20 years. There is hardly any change in the prediction of aircraft requirement this year, compared to the figures given by the company in 2008.
However, the bullish estimate came from Boeing-India president Dinesh Keskar who was in the city to discuss the importance of the Indian market for the aeronautical giant. “A phenomenal growth is likely in India as its economy is in a better shape than other countries. There is strength and resilience in the Indian aviation sector over the long term,” said Keskar.
He further added India’s economy has averaged 7% annual growth over the past ten years and the country’s economic growth remains the strongest in the world. The number of commercial passenger planes in India has grown from 122 in 2003 to 330 in 2009, with 350 currently on order with Boeing.
Keskar said flag carrier Air India (AI) hasn’t delayed any new plane orders. AI, seeking a government bailout after it had to delay last month’s salaries to 31,000 employees due to a cash shortage, has ordered 68 planes from Boeing. The carrier has taken delivery of 27 planes. However, private carrier Jet Airways has delayed taking delivery of seven planes by two to three years. “Boeing plans to deliver nine aircraft to Indian carriers in the year ending March 31, 2010, of which eight will go to AI and one to Jet,” he said.