In a remarkable expansion move, domestic airlines in India welcomed 133 new planes in 2023, marking a significant 51% increase compared to the previous year. Out of this total, 21 aircraft were acquired through wet lease agreements, showcasing the industry’s commitment to meeting the growing demands of air travel.
The Directorate General of Civil Aviation (DGCA) announced on January 4 that, anticipating a continued surge in aircraft inductions in 2024, regulatory capacities are being enhanced to expedite necessary approvals for the induction process. While specific details on these regulatory enhancements remain undisclosed, the move is seen as a proactive measure to streamline the approval process for the expanding fleet.
The release highlighted that scheduled operators added a total of 112 aircraft to their fleets in 2023, a substantial increase of 38% compared to the 81 aircraft inducted in 2022. Considering the additional 21 wet/damp lease aircraft, the overall aircraft induction count for 2023 reached 133, a remarkable 51% surge compared to the previous year’s figure of 88.
The DGCA emphasized that this surge in aircraft acquisitions has yielded dual benefits – a broader network coverage, enhancing connectivity, and a positive impact on ticket prices during festive seasons, ultimately benefiting passengers. India’s aviation market continues to be one of the fastest-growing globally, with major carriers like Air India and IndiGo collectively placing orders for a whopping 970 planes last year.