US business jet leasing specialist Global Jet Capital said it expects demand for business aviation in India to increase as a result of the country’s strong economic growth. Officials from the company are currently visiting India to drum up business from prospective clients and said most of the interest expressed there is from people interested in midsize to large-size cabins.
At least 70 aircraft in those categories have been delivered to India within the last decade, Global Jet Capital said, with a combined value of US$3.5 billion.
“The Indian business aircraft fleet has a greater proportion of mid-sized to heavy jets than the global average”, the company said. Some “44 percent of the Indian fleet is classed as mid-sized to heavy, compared to a worldwide figure of 31 percent”, the company said, adding that demand for finance from Indian buyers is likely to be greater than from other regions.
Simon Davies, vice president for sales in India at Global Jet Capital said: “For the fiscal year 2015 – 2016, India’s GDP growth was around 7.6 percent and some market commentators are predicting that growth will gain momentum in 2016 – 2017, with GDP growth of around 7.8 percent. Demand for business aviation is closely correlated to economic growth so we believe long-term, India will see a significant increase in demand for business jets. This is already a very attractive market for us, and we expect it to become even more appealing in the coming years”.