Aviation industry stares at losses up to $3.6 bn

Aviation industry stares at losses up to $3.6 bn

Mumbai, March 25

Aviation consultancy CAPA on Wednesday projected initial losses of $3.3-3.6 billion for the Indian aviation industry in the first quarter of FY 2021 in the eventuality of all air services, including domestic, remaining shut until June due to the Covid-19 pandemic.

The pandemic has had a significant impact on the aviation industry due to stringent border controls by a host of countries and imposition of travel ban on people of other nationalities. “India’s aviation sector could incur losses of $3.3-3.6 billion in first quarter of FY 2021. Assuming that all domestic and international operations remain grounded until June 30,” the Centre for Asia Pacific Aviation (CAPA) India said in its preliminary report. The CAPA has sought “urgent” government intervention and coordinated industry response, saying the airline sector losses are expected to be around $1.75 billion and that of airports and concessionaires at $1.50-1.75 billion. — PTI

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