Indian market for low cost carriers to double

Kolkata: The Indian market for low cost carriers (LCCs) is expected to double by FY23, riding on rising incomes, tourism, and a shift to air from rail. Interestingly, the high-growth market serviced by the low-cost carriers in India is the third largest globally, so suggested a study by Goldman Sachs.

In a separate study, ICRA said that after reporting a Y-o-Y de-growth of 4.4 per cent in domestic passenger traffic in April 2019, the first after six years of monthly Y-o-Y growth, the domestic passenger traffic rebounded marginally in May 2019, with a Y-o-Y growth of 3.3 per cent. As per the ICRA report, this is primarily attributable to the gradual increase in