ICRA predicts loss of INR 17000 crore for Indian aviation industry in FY23

Indian aviation is seeing a steady rise in passenger traffic and will hit the pre-COVID levels soon, despite strong tailwinds, Investment Information and Credit Rating Agency of India (ICRA) has forecasted a loss of INR 15,000 to INR 17,000 crore in financial year 2023. ICRA recently published its half year report in which said the main reasons for loss continue to be high Aviation Turbine Fuel (ATF) price, increasing competition and international borrowing. Suprio Banerjee, Vice President & Sector Head, ICRA said: “A fast-paced recovery in domestic passenger traffic is expected in FY23, aided by improving demand in both leisure