NEW DELHI: Even as Indian commercial carriers are facing a tough time sustaining operations, aircraft manufacturers feel the demand for private jets in the country is set to soar with economic growth and a rising number of high net-worth individuals.
"Strong gross domestic product (GDP) growth, along with corporate profits and market capitalizations, is driving corporate wealth. These are strong indicators of a strong market for business aircraft in India," said Nilesh Pattanayak, managing director, South Asia, Bombardier Business Aircraft of Canada.
The growth in the business aircraft sector is driven by Indian corporates who utilise the executive jets to help them ferry between cities and remote locations faster on a comfortable mode.
"As Indian companies increasingly compete on the global market, with customers around the world, demand for time-saving tools such as business jets will continue as key executives try to make the most out of their work days," Pattanayak said as the country completed a year of celebrations commemorating 100 years of aviation.
On February 18, 1911, the first commercial flight was operated in India -- between Allahabad and Naini in Uttar Pradesh.
"Business jets offer a virtual office in the sky, providing a high technology and safe environment to conduct business, all in a very high level of comfort. They also allow more flexible travel, that is, travel to cities that are under-served by commercial airlines."
Industry players at the Singapore Airshow this week said tycoons in Asia are increasingly drawn to private jets compared to commercial flights not just as a status symbol, but as a practical and economical choice.
The market for luxury jets, analysts said, is also set to grow as the rich and wealth expand beyond the metros into India's heartland.
"India is an extremely important market for Bombardier and we continue to grow our infrastructure in the country to meet current requirements and future demand," said Pattanayak.
Bombardier's interest in India should not come as a surprise. Though small, the niche sector is witnessing a boom, attracting all major aircraft manufacturers like Hawker Beechcraft, Dornier Seaplanes and Pacific Aerospace.
In its latest projections for the Indian market, the Canadian company forecasts 1,330 deliveries of business jets in India by 2030 by all business jet makers.
Said Justin Firestone of consultancy firm Firestone: "The growth opportunity for private jet manufacturers to deliver their products into India is tremendous."
Other industry watchers say the market for smaller four or six-seater jets, accessible to millionaires, not billionaires, is also increasing.
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