Indian aviation sector suffers loss of INR 116bn as per Ministry records

Indian aviation industry has suffered a loss of INR 116.58bn in FY 2021-22 as per the Indian Ministry of Civil Aviation records. The losses to the industry were primarily because of the Covid-induced disruption across the globe; currency depreciation; high operating cost environment, especially due to increase in ATF prices which constitute a major portion of the operational cost of airline; increase in crude oil prices in international market; VAT; excise duty; and the ongoing Ukraine-Russia war. The ministry records further clarified that the actual figure of the loss to the aviation sector will be known only when the audited