ICRA – Indian domestic traffic soars 96% Y-O-Y

The Indian domestic air passenger traffic touched 12.5 million in January 2023, showing an increase of 96% year-on-year increase and 2% lower as compared to pre-pandemic levels, according to Investment Information and Credit Rating Agency of India Limited (ICRA). The traffic figures in January 2021 were 6.4 million. ICRA in its latest report has given a negative outlook of the Indian aviation industry as the airlines continue to buckle under financial pressure in spite of robust domestic air travel recovery. The report further goes on to add that the despite meaningful improvement in passenger traffic in 2023, the pace of