In line with our commitment to keeping you informed about the key developments, we aim to provide a concise overview of the upcoming opportunities in the aviation sector in India.
1. Market and Regulatory Overview
India has emerged as the world’s third-largest domestic aviation market, fueled by rising middle-class demand and the expansion of regional connectivity. Passenger traffic has grown significantly, increasing from nearly 160 million in FY 2014 to over 400 million in FY 2025. This rapid growth is reflected in airport expansion, with the number of operational airports doubling from 74 in 2014 to 163 in 2025, and a government target of 350 - 400 operational airports by 2047.
Airports generate revenue from aeronautical services (such as air traffic management, landing, cargo), as well as non-aeronautical activities (like retail, parking, and rentals). India generally follows a ‘hybrid till’ model, where a part of the non-aeronautical income is used to cross-subsidize