Wings India 2022
- 23 Mar 2022
- 6 min read
Why in the News?
The Ministry of Civil Aviation, Airports Authority of India (AAI) and Federation of Indian Chambers of Commerce and Industry (FICCI) is jointly organising Wings India 2022 from 24th – 27th March 2022, Begumpet Airport, Hyderabad, India.
- It is Asia's largest event on Civil Aviation (Commercial, General and Business Aviation).
What is the Objective of Wings India 2022?
- It is in synergy with India’s commitment to transform the country into World’s top aviation hub.
- It seeks to provide a congenial forum catering to the rapidly changing dynamics of the sector, focusing on new business acquisition, investments, policy formation and regional connectivity.
- It will provide a much-desired fillip to the aviation and restructured focused forums shall be instrumental in attaining the objective of connecting the Buyers, Sellers, Investors, and other stakeholders at a common vantage forum 'Wings India 2022'.
What are highlights of the Indian Civil Aviation Market?
- Aviation Sector: India's Civil Aviation is among the fastest-growing aviation markets globally and will be a major growth engine to make India a USD 5 trillion economy by 2024.
- Passenger Traffic: 3rd largest aviation market by domestic air passenger traffic which stood at 274.05 million in FY20. It grew at a Compound Annual Growth Rate (CAGR) of 12.91% during FY16-FY20.
- Airports: 75 airports opened in 75 years of Civil Aviation in India while under the aegis of Ude Desh Ka Aam Naagrik (UDAN), within a span of 3 years, work has been initiated to provide scheduled connectivity to 76 unserved / 20 underserved airports, 31 heliports and 10 water aerodromes.
- Fleet Strength: 713 aircraft of scheduled Indian carriers operating year around; private scheduled airlines plan to add over 900 aircrafts in the next 5 years.
- Commitment to Greener Airspace: Comprehensive regulatory policies and strategies adopted to reduce aviation carbon footprints.
- Ensuring Hassle-free Travel: Incorporated systematic approaches to redress passenger grievances, and improve operational efficiencies across the system.
What are Opportunities Under Indian Aviation Market?
- FDI: 100% Foreign Direct Investment (FDI) allowed under Automatic route for Ground Handling Services and Maintenance Repair and Overhaul Services (MRO) and for both green and brownfield projects.
- Scope of Growth: The Indian civil Aviation MRO market, at present, stands at around USD 900 million and is anticipated to grow to USD 4.33 billion by 2025 increasing at a CAGR of about 14-15%.
- The nation's airplane fleet is projected to quadruple in size to approximately 2500 airplanes by 2038.
- Connecting New Airports: The government aims to develop 100 airports by 2024 (under the UDAN Scheme) and create world-class civil aviation infrastructure to be at par with global standards.
What is UDAN (Ude Desh Ka Aam Naagrik) Scheme?
- It is the world's first Regional Connectivity Scheme to Connect un-served & Under-served airports at affordable prices contributing to boost regional tourism and economic growth of the country.
- With commencing of the desired operations, the Indian aviation sector will boom without accounting for the spillover traffic on commercial routes operating in the tier-1 and tier-2 cities.
- The UDAN scheme has been developed over the years by the government to support the economy.
- UDAN 2.0 focused on priority areas and helicopter operations.
- UDAN 3.0 is based on Inclusion of seaplane routes.
- UDAN 4.0 to further enhance the connectivity to remote & regional areas of the country.
- With the advent of COVID-19, Lifeline UDAN was conceptualised to aid India in its fight against the pandemic.
- The scheme is benefiting the economy as a whole and promoting national integration.
What is the Airports Authority of India?
- Airports Authority of India (AAI) was constituted by an Act of Parliament and came into being on 1st April 1995 by merging erstwhile National Airports Authority and International Airports Authority of India.
- The merger brought into existence a single Organisation entrusted with the responsibility of creating, upgrading, maintaining and managing civil aviation infrastructure both on the ground and air space in the country.
What is the Federation of Indian Chambers of Commerce and Industry?
- FICCI is the largest & oldest apex organisation of Indian business & industry is the rallying point for free enterprises in India. It was established in 1927.
- With a nationwide membership of over 1500 corporates and over 500 chambers of commerce and business associations, FICCI speaks directly and indirectly for over 2,50,000 business units.
- FICCI organises a large number of events including Exhibitions, Conferences, Seminars, Business meets etc. for promoting business.