India’s air passenger traffic records 3-5% negative growth in FY’20: Icra

Mumbai: The country’s air passenger traffic registered a negative growth of 3-5 per cent in the last fiscal as traffic slowed even before the coronavirus outbreak due to multiple reasons, including closure of Jet Airways, according to rating agency IcraNSE 8.79 %. 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 AirwaysNSE 4.85 % and overall sluggishness in demand.

Jet Airways stopped operations in April last year.

A gradual recovery in domestic traffic is expected once the commercial air services are restored while the international traffic would take a couple of quarters to come back to the normal level, the agency said.