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Air fares in India may rise over 8% in 2018: Report

India is one of the fastest growing aviation markets in the world.

india Updated: Jul 20, 2017 00:22 IST
(HT File Photo)

Airfares in India are likely to increase by around 8.7% next year amiRd increasing domestic demand, says a report.

The Global Travel Forecast report has been prepared by the Global Business Travel Association and Carlson Wagonlit Travel.

According to the report, India is projected to see an airfare increase of 8.7% in 2018, the highest for any country in the Asia Pacific region.

India is one of the fastest growing aviation markets in the world and has been witnessing double-digit growth for more than two years.

Domestic demand is increasing, particularly in China and India, putting additional pricing pressure on key markets in both, the report said.

“India remains the healthiest of the major emerging Asia Pacific markets with robust growth anticipated given pro- market economic reforms. Last fall, India’s government surprised many, cancelling 86% of its circulating currency in an effort to rid its economy of black money and encourage a move towards a cashless, virtual payment society,” it added.