ICRA raises aviation industry outlook to ‘stable’

Credit rating agency ICRA on Monday raised Indian aviation industry outlook to ‘stable’ from ‘negative’ as net losses of the sector is estimated to decline sharply to around Rs 5,000-7,000 crore in 2023-24 from around Rs 11,000-13,000 crore in the current fiscal on the back of jump in passenger traffic.

As per ICRA, domestic passenger traffic is expected to grow by 8-13 per cent in the financial year 2023-24 after growing by 55-60 per cent in the current fiscal.

The size of domestic passenger traffic is estimated to reach 145-150 million in 2023-24, which is much higher than the pre-Covid levels.