PM Modi To Address Global Airlines Meet As CEOs Jostle For Slice Of India's Aviation Boom
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PM Modi will address the 81st annual meeting of the International Air Transport Association (IATA), where global airline leaders will discuss India's emergence as an aviation hub.
Prime Minister Narendra Modi is set to participate in the 81st Annual General Meeting of the International Air Transport Association (IATA) on Monday (June 2) at around 5 pm at Bharat Mandapam in New Delhi.
India's largest aviation carrier, IndiGo, is hosting the IATA general meeting that began today and will last till June 3. The last AGM in India was held 42 years ago in 1983, according to an official statement.
PM Modi will address the gathering of global airline leaders following IndiGo's significant deal with foreign airlines Air France-KLM, Virgin Atlantic and Delta to expand its services to North America, Europe and Britain.
More than 1,600 leaders including top global aviation industry leaders, government officials and international media representatives are slated to attend the event, which will demonstrate the continued rapid growth of India's aviation market.
The aviation leaders and media representatives from around the world will also get to witness India's remarkable transformation in the aviation landscape and its contribution to the country's socio – economic development.
IndiGo Strikes Major Expansion Deal, Air India In Talks
On Sunday, IndiGo on Sunday announced that it placed a firm order for another 30 wide-body A350 planes with Airbus, taking the total number of such aircraft to 60, after announcing new partnerships with Air France-KLM, Virgin Atlantic and Delta Airlines.
The A350 planes, with ranges of up to 15,000 kilometres (9,300 miles), will allow it to further expand its network. IndiGo has placed orders for around 1,000 aircraft from the A320 family. 'This is yet another step in defining the airline's long-term plans of international expansion," said the company.
Moreover, Air India said it was in talks with two of the largest aircraft manufacturers, Airbus and Boeing, for a major aircraft deal, including some 200 extra single-aisle planes. It is expected that the deal could involve hundreds of airplanes in total spread across various sizes.
Getting new planes is crucial for Air India, which has suffered from years of under-investment under government ownership and is now undertaking an ambitious modernisation plan to recapture market share lost to global rivals.
India's Growing Aviation Market
According to Airbus forecasts, India's aviation market is expanding at some 7% a year, making it the fastest growing market. However, its growth remains hampered by weak infrastructure, fuel costs and high taxes.
However, Air India CEO Campbell Wilson told CNBC TV18 said India's position in global aviation is still in its early stages with significant room for growth. 'The last three years due to network restructuring," he said.
Speaking at the airline summit in New Delhi, Delta Airlines CEO Ed Bastian announced that the airline plans to resume direct flights from the United States to India within the next couple of years. 'There's not a more important market in aviation at the present time than in India," he said.
Willie Walsh, director general of the International Air Transport Association (IATA), said 'the development of India's air connectivity in recent years has been nothing short of phenomenal". The growth of its economy has made India the world's fourth-largest market, he added.
(with inputs from agencies)
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