NEW DELHI: The Indian aviation industry, which is currently non-operational under the coronavirus-led lockdown, will require funding of up to ₹35,000 crore till 2022-2023 as profitability may take a hit due to sharp fall in revenues and higher fixed costs, credit rating agency, ICRA, said in a statement on Thursday.
The airlines are estimated to report a 44% decline in revenue in 2020-21, as compared to the previous year, while the industry’s net debt may rise to ₹46,500 crore by 2021-22, ICRA said.
“Overall, the industry will witness about 41-46% contraction in domestic passenger traffic and about 67-72% fall in international passenger traffic for the Indian carriers in FY2021,” it said.
