ICRA paints a negative picture for Indian Aviation

The Investment Information and Credit Rating Agency of India (ICRA) reported a negative outlook for the Indian aviation industry for the financial year 2023. As per the report, the Indian airlines are expected to report a loss of around $2bn and will have a collective debt of more than six times that amount approximately INR 1,000bn. With the receding severity of the COVID-19 pandemic and passenger traffic slowly approaching the pre-pandemic mark the industry sentiment was high, but other post-pandemic challenges have grappled the Indian civil aviation industry. ICRA said in the report: “While a meaningful improvement in passenger traffic