Indian aviation, cargo seeing much stronger recovery:IATA

The global airline industry is projected to post a lower loss of USD 6.9 billion this year and eke out a “small net profit” of USD 6.9 billion in 2022, helped by higher passenger revenues and cost control by carriers, industry body IATA said, adding that India is seeing a “much stronger recovery” than the Asia Pacific region in general and the challenge will be in getting new aircraft as well as spare parts. After being hit by the pandemic, India’s domestic air traffic is recovering well and airlines are looking to expand their operations on local and international routes. In its latest update on the global airline industry, IATA said the Asia Pacific region is critically held back by the impact of China’s zero COVID policies on travel. On Tuesday, IATA said the global airline industry is expected to return to profitability in 2023 and post a small net profit of USD 4.7 billion. In 2022, airline net loss is expected to be USD 6.9 billion. This is significantly better than the loss of USD 42 billion and USD 137.7 billion in 2021 and 2020, respectively, it said.