India’s international aviation passenger numbers are anticipated to approach 329-332 million, or 96-97 per cent of the pre-Covid levels this fiscal year, with June traffic already at 79% of those levels. According to rating firm ICRA NSE, India’s international air passenger travel started up again on March 27 of this year after a two-year break.
By the end of March 2024, ICRA predicted that international passenger numbers would surpass FY21 (pre-pandemic) levels.
According to the rating agency, international air passenger traffic has improved steadily over the last three months, reaching 79 % of pre-Covid levels in June, despite a slight decline in domestic passenger traffic recovery to 91 % of pre-Covid levels in June at 21.1 million as compared to 98 % in April and May.
According to ICRA, overall aviation passenger traffic was 88% of pre-Covid levels in June 2022.
Abhishek Lahoti, Senior Analyst, Corporate Ratings, ICRA, stated that “the rapid ramp-up in international traffic during the previous three months is backed by the opening of key foreign destinations, relaxing of travel restrictions, and increase in aircraft capacity deployment.”
According to Lahoti, ICRA anticipates that overall international passenger traffic will surpass pre-Covid levels in FY24 and reach 90–92% of those levels by the end of the current fiscal year. Domestic passenger traffic recovery slowed in June 2022 in keeping with historical tendencies.
He claimed that the end of summer vacation, the start of the new school year, and the resulting decrease in leisure travel are the main causes of decreased domestic traffic in June compared to May.
“Despite this, we anticipate that domestic air travel will return to its pre-Covid levels in FY23. On the strength of the robust domestic passenger traffic and the resumed foreign commercial operations, the overall passenger traffic is anticipated to achieve 96-97 % of the pre-Covid levels (FY20 levels) to 329-332 million in FY23”, Lahoti said.
