Aviation

Summary
  • The Indian Civil Aviation MRO market, at present, stands at around USD 900 mn and is anticipated to grow to USD 4.33 bn by 2025 increasing at a CAGR of about 14-15%.*
  • The Indian civil aviation sector has grown to become the 3rd largest in the world in terms of domestic traffic.*
  • With the industry’s USD 30 Bn contributions to India’s GDP, the domestic aviation market is projected to rank 3rd globally by 2024.*
  • India has 91 international carriers out of which 5 are domestically owned. India has air connectivity with 59 countries through 344 routes.*
  • Air traffic has been growing rapidly in the country as compared to the global average. One hundred more airports would be developed by 2024 to support the Udaan scheme. It is expected that the air fleet number shall go up from the present 600 to 1200 during this time.*
  • AAI has awarded 948 valid routes to Selected Airline Operators (SAOs) across the length and breadth of the country involving 154 RCS airports including 14 water aerodromes and 36 helipads. *
  • Selected Airline Operators(SAOs) have operationalized 415 RCS routes under the Scheme as on date (27.03.2022), involving 66 airports including 2 water aerodromes and 8 helipads.*
  • Ministry of Civil Aviation issued 170 Drone Acknowledgement number in the month of May 2021.*
  • India has the potential to be global drone hub by 2030.*
Reasons to Invest
  • Aircraft fleet size of the country is expected to quadruple, therefore, reaching about 2500 in number by 2038.*
  • The Aerospace manufacturing and Defense sector is also expected to grow by about 5 times to reach 5 lakh crores in 2047.*
  • The MRO industry is expected to grow by more than 4 times to reach around USD 4 bn in the next 3 to 5 years.*
  • India’s drone manufacturing industry is expected to grow to INR 900 crores by FY 2024 from INR 60 crores in FY 2021 in terms of annual sales turnover. *
  • The Aerospace manufacturing and Defense sector is also expected to grow by about 5 times to reach 5 lakh crores in 2047.*
  • GST reduced from 18% to 5% for domestic Maintenance, Repair and Overhaul (MRO) services.*
  • 1000 new aircraft have been estimated to be added to the Indian civil aviation sector.*
  • J&K Government announces to build helipads in every district and encourages the private sector to invest & link different sectors.*
  • The total number of airports has increased from 72 to 136 since independence under the UDAN Scheme. GOI have set a target to increase this number by 220 in the next five years which will include helipads and water aerodromes. *
  • GOI has sanctioned INR 120 crore for research and other work related to  the usage of drones in coming years for various applications.*
  • Digital Sky Platform (DSP) has been launched to regulate the entire gamut of activities pertaining to drone operations as well as to function as a single window online platform to ensure smooth functionality of the applications.*
  • Unmanned Aircraft System (UAS) Traffic Management (UTM) Policy framework, 2021 has been released on 24 Oct 2021 to enable complex operations of drones and increase the overall safety in the UTM airspace.*
  • Ministry of Civil Aviation will be spending close to INR 98,000 crores over 4 years in terms of setting up new greenfield airports and expansion of existing brownfield airports. Out of this,  INR 62,000 crores will be invested by private sector and INR 36,000 crores will be invested by the Government of India through AAI.* 
  • The drone certification scheme is likely to create an eco-system for world class drones to be manufactured in India. The number of Type Certified prototypes may exceed 100 over the next three years. *
Key Achievements
  • Cochin International Airport has become became the first 'green airport' in the world and has a has a negative carbon footprint, thus, motivate the sustainability drive in the country.*
  • India has signed Bilateral Air Service Agreement with 116 countries.*
  • Aviation Minister awards the first Type Certificate under Drone Rules, 2021 to Gurugram-based IoTechWorld.*
  • MoCA has launched eGCA and eBCAS platforms where all functions, operational processes are being brought on computerized management command. The project has been aimed at automation of the processes and functions of DGCA for ushering in a paradigm shift from restrictive regulation to constructive collaboration. *
  • Number of operational airports have increased from 2 to 9 in 2021 in UP, covering 80 destinations. GOI aims to increase the operational airports to 15.*
  • Bhopal has increased its connectivity from 5 to 9. In 4 months, Madhya Pradesh has increased its connectivity from 27 to 50 cities. GOI has unlocked 50% achievement in terms of aerial connectivity for Madhya Pradesh.*
  • Bhubaneswar is connected with 19 cities by 38 aircraft movements. Bhubaneswar airport is 80% powered by solar energy, making it a stellar example for the country.*
  • Till November 2021, eight Greenfield airports namely, Shirdi in Maharashtra, Durgapur in West Bengal, Pakyong in Sikkim, Kannur in Kerala, Orvakal in Andhra Pradesh, Kalaburagi in Karnataka, Sindhudurg in Maharashtra and Kushinagar in Uttar Pradesh have been operationalized.*
  • IndiGo has commenced the flight between Kanpur and Bengaluru, thus increasing connectivity within the country.*
  • India's largest flying academy - Indira Gandhi Rashtriya Uran Akademi (IGRUA) at Amethi (Uttar Pradesh) - has been permitted to carry out pilot training in Gondia (Maharashtra) and Kalaburagi (Karnataka) to enhance its flying hours and aircraft utilisation, which get severely affected during winter months due to visibility issues.*
  • In a constant endeavour to connect Eastern India better, first direct flight of Indigo airlines is flagged off on Guwahati (Assam) to Pune (Maharashtra) route.*
  • SpiceJet was awarded the Delhi-Khajuraho-Delhi route under the RCS-UDAN 3.0. Two new FTO (Flight Training Organizations) will come up in Khajuraho which will help in training the commercial pilots. *
  • India’s first indigenous Flying Trainer HANSA-NG designed and developed by CSIR-National Aerospace Laboratories, Bangalore under the aegis of Council of Scientific and Industrial Research, has successfully completed the sea level trials at Puducherry.*
  • First direct flight between Gorakhpur and Varanasi was flagged-off. SpiceJet was awarded the route under the RCS-UDAN 4.1.*
  • Direct flight between Indore and Jammu flagged-off.*
  • Direct flight between Bhopal and Chennai flagged-off.*
  • Direct flight between Delhi and Deoghar flagged-off.*
Recent Announcements

21st September 2022: Air ambulance facility soon from AIIMS Rishikesh: Jyotiraditya Scindia.

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9th September 2022: Tuticorin Airport undergoing up-gradation for better passenger services.

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01st September 2022: Kanpur Airport to have World-Class Facilities by December 2022.

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17th August 2022: Shri Jyotiraditya M. Scindia flags off the first flight of Akasa Air from Mumbai to Ahmedabad.

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5th August 2022: Shri Jyotiraditya M. Scindia inaugurates 8 connecting flights between Lucknow and Delhi, Bengaluru, Mumbai, Kolkata, and Goa.

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Statistics
  • Freight traffic on Indian airports is expected to cross 11.4 MT by 2032.*
  • During the month of March 2022, all operational airports (taken together) handled 193.05 thousand aircraft movements (excluding General Aviation Movements), 24.43 mn passengers and 283.28 thousand tonnes of freight.*
  • There has been expansion across the spectrum in the sector, with the number of airports in the country going up from 74 in 2013-14 to almost 140 (including Heliports and water domes). The number is likely to go up to 220 by 2024-25.*  
  • There were 400 aircrafts in the country in 2013-14 and the number has gone up to 710 in 7 years. It is intended that more than 100 aircrafts should join every year.*
  • 1748 foreign airlines flights and 1440 domestic airlines flights are connecting India globally.*
  • As of May 2022, Indian Cargo revenue stands at INR 2,000 crore with 3.1 million metric tonnage having a CAGR of 13%. Today, India has 21 international and 35 domestic cargo terminals.*
  • Out of 17,726 registered pilots in India 2,764 pilots are women covering 15% of the total Pilots in the country which is significantly higher than the international average of 5%.*
  • The number of freighter aircraft deployed by Indian carriers has increased from 7 in 2018 to 28 in 2021. As a result, the share of Indian carriers in international freighter movements to and from India increased from 2% to 19% over the last two years.*
  • Indira Gandhi Rashtriya Uran Akademi (IGRUA) sets a new record of 19000 flying hours in 2021. The academy is set to hit a target of 25000 flying hours in 2022 by inducting a record 121 cadets.*
  • GOI has rapidly expanded from having 7 Cargo Freighters to 28 Cargo Freighters in a period of 3 years.*
  • During 2021-22, Indian airports carried around 83 mn domestic passengers registering a growth rate of 59% as compared to 2020-21.*  
  • Annual passenger traffic increased from 2.6 lakh to 33 lakh in five years under UDAN Scheme.*
  • 58 airports are covered under Krishi Udan 2.0 till July 2022.*
Growth Drivers
  • AAI has undertaken installation of night landing facility at Kolhapur airport.*
  • AAI has awarded 14 Water Aerodromes under UDAN across the country.*
  • Cabinet approves Development of Phase I of New Greenfield Airport at Dholera, Gujarat at an estimated cost of INR 1305 crore, to be completed within 48 months. *
  • MoCA allotted 63 routes to Uttar Pradesh under UDAN scheme and aims to increase it to 108 in future so that civil aviation can reach every corner of Uttar Pradesh.*
  • Ministry of Ports, Shipping & Waterways has signed an MoU with Ministry of Civil Aviation for development of Non Scheduled/Scheduled operation of Sea Plane Services within the territorial jurisdiction of India under RCS – UDAN scheme.*
  • Government has approved the "Revival of unserved and underserved airports" scheme at the total cost of Rs.4500 crore for the revival and development of unserved and underserved airports of State Government, Airports Authority of India(AAI), Civil Enclaves, Central Public Sector Enterprises (CPSEs), Helipads and Water Aerodromes.*
  • AAI and Other Airport Operators to spend INR 90,000 Cr till 2024-25 for Modernisation of airports.*
  • There are 49 air ambulances (Aeroplane and helicopter) operating under Aero Medical Transportation (AMT) by 19 non-scheduled operators in the country. The state-wise split of air ambulances is as follows: Delhi (39), Gujarat (1), Kerala (2), Maharashtra (5), Odisha(1) and West Bengal (1). Around 4100 patients have hired ambulances during the last three years.* 
  • 14 AAI Airports are now equipped with Ambulifts to facilitate flyers with reduced mobility under the Accessible India Campaign (Sugamya Bharat Abhiyan) of Government of India.* 
  • The Ministry of Civil Aviation and Govt. of Himachal Pradesh signed MoU for development of a Green Field Airport in Nagchala, Mandi District of Himachal Pradesh at an estimated cost of INR 900 crore excluding the cost of land with the aim to have list mile connectivity in Himachal Pradesh.*
  • GOI aims to establish 33 new domestic cargo terminals by 2024-2025 which will allow cargo sector to flourish and grow.*
  • Jabalpur Airport to get New Terminal Building with enhanced capacity to handle 500 passengers during peak hours and reflection of local art & culture.*
  • The PPP airports at Delhi, Hyderabad and Bengaluru are undertaking major expansion projects of around INR 30,000 crores by 2025.* 
  • 16 States/UTs have reduced VAT on aviation fuel till July 2022.*
  • INR 36,000 crores have been planned for investment in the development of new Greenfield airports across the country under PPP mode.*
FDI Policy
  • Airports
    • 100% FDI allowed under automatic route for both greenfields as well as brownfield projects.*
  • Air Transport Services*
    • Scheduled air transport service/ domestic scheduled passenger airline/ regional air transport service: Up to 49% allowed under the Automatic route beyond which Government approval is required.
    • Non-scheduled air transport services and helicopter services, seaplane services which require DGCA approval: 100% FDI allowed under the Automatic Route.
  • Other Services Under the Civil Aviation Sector*
    • Ground handling services, maintenance, repair and overhaul services, flying institutes, technical training institutions: 100% FDI allowed under the Automatic Route.
  • The cumulative FDI equity inflow in Air Transport (including Air Freight) is USD 3,560.60 mn during the period April 2000 to June 2022.*

Read more about Foreign Direct Investment Policy in India >

Production Linked Incentive (PLI) Scheme

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its approval to introduce the Production-Linked Incentive (PLI) Scheme  for drones and drone components to catalyse super-normal growth in the upcoming drone sector.

Financial Outlay- INR 120 crore

For more details on PLI Schemes, Click Here

Sector Policy

LIFELINE UDAN*

  • UDAN (Ude Desh ka Aam Nagrik) scheme was launched to transport experts and equipment to every corner of the country (NER, hilly and island states).
  • Under Udan – Work has been initiated to connect

- 98 unserved/underserved
- 33 Helipads
- 12 Water Aerodromes

RCS- UDAN*

  • RCS-UDAN was launched to Promote air connectivity to unserved and underserved airports in Tier-II and Tier-III cities to stimulate regional growth and provide affordable air travel to the citizens.
  • AAI has awarded 948 valid routes to Selected Airline Operators (SAOs) across the length and breadth of the country involving 154 RCS airports including 14 water aerodromes and 36 helipads.
  • Selected Airline Operators(SAOs) have operationalized 415 RCS routes under the Scheme as on date (27.03.2022), involving 66 airports including 2 water aerodromes and 8 helipads.
  • 100 routes are awarded in North East alone, & 50 are already operational.  
  • Under UDAN Scheme more than 900 new routes have been approved, 350 routes already functional. More than 50 new airports or those which were not in service earlier, have been made operational. 
  • 168 routes awarded during the year under UDAN 4.1.
  • Approximately 86.05 lakhs passengers have travelled on UDAN flights since its commencement till 9th January 2022.

International Air Connectivity Scheme (IACS)*

  • The Ministry of Civil Aviation has launched International Air Connectivity Scheme (IACS) scheme (International Ude Desh ka Aam Nagrik(UDAN) with an objective to enhance air connectivity from certain States of the country with selected international destinations to promote socio-economic growth. 
  • The State Government of Assam, Manipur and Tripura have identified routes connecting Guwahati, Imphal and Agartala with selected international destinations viz. Bangkok, Dhaka, Kathmandu, Yangon, Hanoi, Mandalay, Kunming & Chittagong. 

Krishi Udaan - Airlifting agri-produce for better value realisation for farmers*

  • Krishi UDAN 2.0 is released on 27th October 2021 - lays out the vision of improving value realization through better integration and optimization of Agri-harvesting and air transportation and contributing to Agri-value chain sustainability and resilience under different and dynamic conditions.
  • 28 Airports of AAI, namely, Adampur (Jalandhar), Agra, Amritsar, Bagdogra, Bareilly, Bhuj, Chandigarh, Coimbatore, Goa, Corakhpur, Hindon, Indore, Jaisalmer, Jamnagar, Jodhpur, Kanpur (Chakeri), Kolkata, Nasik, Pathankot, Patna, Prayagraj, Pune, Rajkot, Tezpur, Trichy, Trivandrnm, Varanasi and Yisakhapatnam have been included in the Scheme.
  • Under the scheme, full waiver of Landing, Parking, TNLC, and RNFC charges for Indian freighters and P2C has been implemented at 25 airports from NER, Hilly and Tribal region and 28 airports from remaining parts of the country.
  • 29 States covered under the Krishi Udan 2.0 Scheme. 53 airports are included under Krishi Udan Scheme.
  • Krishi Udan Scheme is a convergence scheme where eight Ministries/Departments namely Ministry of Civil Aviation, Department of Agriculture & Farmers' Welfare, Department of Animal Husbandry and Dairying, Department of Fisheries, Ministry of Food Processing Industries, Department of Commerce, Ministry of Tribal Affairs, Ministry of Development of North-eastern Region (DoNER) would leverage their existing schemes to strengthen the logistics for transportation of Agri-produce. 
  • A total of 1,08,479 Metric Tonne perishable cargo (International + Domestic) was handled in Financial Year 2021-22 (till 28 February 2022) in comparison to 84,042 Metric Tonne handled in Financial Year 2020-21 at AAI airports.

National Air Sports Policy (NASP 2022)*

  • National Air Sport Policy 2022 (NASP 2022) is launched which lays out the vision of making India as one of the top sports nations by 2030, by providing a safe, affordable, accessible, enjoyable and sustainable air sports ecosystem in India.
  • The policy will cover the following air sports in India: -
    • Aerobatics 
    • Aero modeling and model rocketry
    • Amateur-built and experimental aircraft
    • Ballooning
    • Drones
    • Gliding and powered gliding
    • Hang gliding and powered hang gliding
    • Parachuting (including skydiving, BASE  jumping and wing suits etc.)
    • Paragliding and para motoring (including powered parachute trikes etc.)
    • Powered aircraft (including ultra light, micro light and light sports aircraft etc.)
    • Rotorcraft (including autogyro)
  • Key Objectives of NASP 2022:-
    • Promote an air sports culture in the country
    • Enable adoption of international good practices in safety including but not limited to, air sports infrastructure, equipment, operations, maintenance and training
    • Develop a simple, stakeholder-friendly and effective governance structure
    • Enhance participation and success of Indian sportspersons in global air sports events; and
    • Promote design, development and manufacturing of air sports equipment in India in line with the Atmanirbhar Bharat Abhiyan.

Small Aircraft Sub-Scheme*

  • Primary objective is to facilitate and stimulate regional air connectivity by creating a growth-oriented framework with a specific focus on operations through small aircrafts (including seaplanes). The Scheme intends to facilitate creation of an ecosystem for small aircraft operations in the country by providing the framework necessary for bringing together relevant stakeholders such as States, airlines, airport operators and policy makers to collaborate towards the success of this initiative.

Government policies related to drones in the country*

  • Liberalised Drone Rules, 2021
  • Drone Airspace Map for opening up nearly 90% of Indian airspace as a green zone for drone flying up to 400 feet
  • Production-Linked Incentive (PLI) scheme for drones
  • UAS Traffic Management (UTM) Policy Framework 
  • Monetary grant program for the purchase of agricultural drones 
  • Drone certification scheme
  • Drone import policy that aims at banning import of foreign drones and freeing up import of drone components
  • Drone (Amendment) Rules, 2022 abolishes the requirement of a drone pilot licence.  The remote pilot certificate issued by a DGCA-authorised drone school is adequate for operating drones.

Explore Government policies/schemes in the Aviation sector >

 

Financial Support

UNION BUDGET 2022-23*

  • The total budgetary allocation for FY 2022-23 towards the  Ministry of Civil Aviation is INR 10,667 cr.

The Government is providing a total incentive of INR 120 crore spread over three financial years starting 2021-22. The incentive for 2021-22 will be payable in 2022-23 after scrutiny of the financial results of the beneficiaries.*

Investment Opportunities
  • Indian carriers are projected to increase their fleet size to 1,100 aircraft by 2027.18
  • Demand for MRO facilities is increasing in India due to consistent double-digit growth in the aviation sector.
  • Investment opportunities worth USD 3 Bn in greenfield airports under PPP mode at Navi Mumbai (Maharashtra) and Mopa (Goa).
  • For the development of the aviation industry in the North-East States, AAI plans to develop Guwahati as an inter-regional hub. It also plans to develop Agartala, Imphal and Dibrugarh as intra-regional hubs.
  • Indian airports are emulating the Special Economic Zone (SEZ) Aerotropolis model to enhance revenues. The model focuses on revenues from retail, advertising, vehicle parking, security equipment and services.
  • AAI has taken up developmental projects worth around INR 25,000 crores over the next five years for expansion and modification of existing terminals, new terminals, expansion or strengthening of existing runways, aprons, air navigation services, control towers, technical blocks etc.
  • Three Public Private Partnership (PPP) airports at Delhi, Hyderabad and Bengaluru have undertaken developmental projects to the tune of INR. 30,000 Crores by 2025.
  • GOI's vision is to make India one of the top air sports nations by 2030. The mission is to provide a safe, affordable, accessible, enjoyable and sustainable air sports ecosystem in India.
  • Noida International Greenfield Airport at Jewar, Uttar Pradesh will bring about all-around development of the industrial infrastructure in the region, increase employment opportunities and encourage manufacturing and export.

 

Explore projects to invest in Aviation sector >

Foreign Investors
  • Airbus (France)
  • Boeing International Corporation (US)
  • AirAsia (Malaysia)
  • Rolls Royce (UK)
  • Frankfurt Airport Services Worldwide (Germany)
  • Honeywell Aerospace (US)
  • Malaysia Airports Holdings Berhad (Malaysia)
  • GE Aviation (US)
  • Airports Company South Africa Global (South Africa)
  • Alcoa Fastening Systems Aerospace (US)
  • Singapore Airlines (Singapore)
  • Etihad Airways (UAE)
  • Fairfax (London)
Agencies
Sources
  1. “Industry Statistics Fact Sheet- December 2019,” IATA, https://www.iata.org/en/iata-repository/pressroom/fact-sheets/fact-sheet---industry-statistics/
  2. “INDIA’S AIR TRANSPORT SECTOR,” IATA, https://www.iata.org/publications/economics/Reports/India-aviation-summit-Aug18.pdf
  3. “IATA Forecast Predicts 8.2 billion Air Travelers in 2037,” IATA, https://www.iata.org/pressroom/pr/Pages/2018-10-24-02.aspx
  4. Union Budget Speech 2020-21, https://www.indiabudget.gov.in/doc/Budget_Speech.pdf 
  5. “Regional air connectivity infrastructure gets a boost,” PIB website: Cabinet Committee on Economic Affairs (CCEA), http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1567744
  6. 100 Days of Achievement of Ministry of Civil Aviation, https://www.civilaviation.gov.in/sites/default/files/100_Days_Achievements_of_Ministry_of_Civil_Aviation_0.pdf
  7. Comprehensive Skill Gap Analysis and Future Road Map for Skill Development in Civil Aviation Sector, Ministry of Civil Aviation, https://www.civilaviation.gov.in/sites/default/files/Final%20Report%20-%209th%20March%202016.pdf
  8. “Potential and Challenges of Indian Aviation,” IATA, https://www.iata.org/pressroom/pr/Pages/2018-09-04-02.aspx
  9. “SECTOR SPECIFIC CONDITION FOR FDI,” Invest India, https://www.investindia.gov.in/foreign-direct-investment
  10. Consolidated FDI Policy, https://invest-india-revamp-static-files.s3.ap-south-1.amazonaws.com/2020-04/FDI%20Policy%202019%20revised_19%20April%202020.pdf
  11. Consolidated FDI Policy, https://invest-india-revamp-static-files.s3.ap-south-1.amazonaws.com/2020-04/FDI%20Policy%202019%20revised_19%20April%202020.pdf
  12. “Cabinet approves leasing out six airports,” Ministry of Civil Aviation, PIB, http://pib.nic.in/PressReleseDetail.aspx?PRID=1561472
  13. “Nabh Nirman initiative announced to expand Airport Capacity,” Ministry of Finance, PIB, http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1518555
  14. “MRO Facilities for Aviation Sector,” Ministry of Civil Aviation, PIB, http://pib.nic.in/newsite/PrintRelease.aspx?relid=160226
  15. “National Civil Aviation Policy 2016,” Ministry of Civil Aviation, http://www.civilaviation.gov.in/sites/default/files/Final_NCAP_2016_15-06-2016-2_1.pdf
  16. “Indian Civil Aviation Market,” Ministry of Civil Aviation, http://www.civilaviation.gov.in/sites/default/files/Final%20WINGS%202017%20flyer.pdf
  17. PIB, https://pib.gov.in/PressReleasePage.aspx?PRID=1666421
  18. PIB, https://pib.gov.in/PressReleseDetailm.aspx?PRID=1667654
  19. PIB, https://pib.gov.in/PressReleasePage.aspx?PRID=1668346
  20. Ministry of Civil Aviation, https://www.civilaviation.gov.in/sites/default/files/Monthly-Summary-Sep-2020.pdf
  21. Monthly Achievement Report, https://www.civilaviation.gov.in/sites/default/files/Monthly-Summary-Sep-2020.pdf
  22. PIB , https://www.pib.gov.in/PressReleasePage.aspx?PRID=1671442
  23. Ministry of Civil Aviation, https://www.civilaviation.gov.in/sites/default/files/Monthly_Summary%20_Oct_2020.pdf
  24. Ministry of Civil Aviation, https://www.civilaviation.gov.in/sites/default/files/PRESS_CONFERENCE_29_12_2020.pdf
  25. PIB Release, https://www.pib.gov.in/PressReleasePage.aspx?PRID=1688549
  26. Monthly Achievement Report,  https://www.civilaviation.gov.in/sites/default/files/Monthly-Summery-for-the-month-of-April-2021.pdf
  27. Monthly Achievement Report, https://www.civilaviation.gov.in/sites/default/files/Monthy-Summary-January-2021.pdf
  28. Monthly Achievement Report, https://www.civilaviation.gov.in/sites/default/files/Monthly-Summery-for-the-month-of-April-2021.pdf
  29. Factsheet on FDI - April 2000 to March 2022, Department for Promotion of Industry and Internal Trade, https://dpiit.gov.in/sites/default/files/FDI_Factsheet_March_2022_23May2022.pdf

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