Indian aviation had a negative growth of 3-5 per cent in the last fiscal—hurting before the coronavirus pandemic and now hurting because of the disease, said rating agency Icra on Thursday.
The Icra report pointed that traffic slowed even before the coronavirus outbreak due to multiple reasons, including closure of debt laden Jet Airways.
The agency, on Thursday said the de-growth was largely driven by higher airfares in the wake of large scale flight cancellations following shutting down of Jet Airways and overall sluggishness in demand. “Overall, except for the closure of airport operations, excluding cargo, the passenger traffic witnessed the de-growth in the range of 3-5 per cent for FY2020,” Icra said during a media webinar.
