New Delhi, Dec 29 (Inditop.com) Civil Aviation Minister Praful Patel Tuesday said the worst was over for the global aviation industry and that the coming year held prospects of stability.
“The year 2009 has been an eventful and tumultuous year for the civil aviation sector worldwide. We can draw satisfaction from the fact that the worst is over. Things are turning for the better, which is borne out by the rebound in air traffic figures from October onwards,” Patel said in a statement.
“I hope things will stabilise in 2010 and flying will once again be the preferred choice of travel for people,” the minister added.
The sector, once a symbol of India’s vibrant economic progress, has seen its fortunes nosedive since last year following the global slowdown. Even though the industry picked up since the middle of this year, this has not been robust enough.
The domestic aviation sector witnessed falling traffic and revenues this year besides high fuel costs, steep cost of credit and unrest among workers.
The global aviation body, International Air Transport Association (IATA), has said the Indian aviation sector would tot up losses of around $1.5 billion (Rs.7,500 crore) this fiscal, slightly better than the $1.7-billion (Rs.8,557 crore) losses in 2008-09.
rounak