Business aviation below its potential: BAOA
Industry body Business Aircraft Operators Association (BAOA) on Monday pointed out that business aviation in India continues to remain much below its potential.
According to the association, the growth in the business aviation sector in India has been in a sharp contrast to that of scheduled airlines.
The sector over the last five years has charted a meager two per cent growth, showed the first industry report released by BAOA along with its knowledge partner -- Martin Consulting LLC.
The association explained that unless certain immediate and long- term actions are taken, India is looking at a relatively conservative fleet growth projections of about seven per cent over a long period, a median between best case of 12 per cent and as is the current case of two per cent.
"Business aviation is no longer a corporate status symbol, but an imperative business tool needed by captains of industry and national leaders to grow in a highly competitive global business environment," Jayant Nadkarni, President of Business Aircraft Operators Association, was quoted as saying in a statement.
The report also highlighted various examples of efficiencies imparted by business aviation, and how the sector makes the country more stable and secure, as employment and economic sustenance is provided to people through industries that are set up by businesses.
"What emerges from this report is a powerful message. That message is business aviation is the catalyst India needs to grow and attain its regional and global supremacy," Mark D. Martin, founder and Chief Executive Officer of Martin Consulting LLC, was quoted in the statement.
He said, "We are firm in our judgment that the challenges and hurdles this industry faces must not be overlooked as that may be construed as being restrictive and not conducive to growing India."