Dinesh Keskar, vice president - sales of Boeing Commercial Airplanes that he is bullish on India's GDP growth.
If we continue to grow at that rate we will still beat this forecast - not meet, beat this forecast.
Dinesh Keskar
President
Boeing India
Boeing anticipates 8 percent growth for India's domestic traffic and says that the country will need 1,600 new airplanes by 2030. In an interview with CNBC-TV18's Shereen Bhan, Dinesh Keskar, vice president - sales of Boeing Commercial Airplanes that he is bullish on India's GDP growth.
He added that Asia Pacific is likely to source largest number of aircraft by 2030 as it will require 12,820 new aircraft by 2030.
On a cautions note, he said that high fuel prices, rupee depreciation continue to pose risk for the aviation industry.
Also Read: Load factor falls responsible for air price wars, says CAPA
Below is the verbatim transcript of Dinesh Keskar's interview with CNBC-TV18. For the complete interview watch the accompanying video.
Q: Your survey says that India will need 1600 new aircrafts by 2032 and that amounts to USD 205 billion. Sensing the stretched balance sheet of companies many would say it is perhaps a tad too optimistic picture that you are painting?
A: We continue to stay bullish on this and I have talked to you many times after we have announced these numbers. Today, we announced 1600 airplanes worth USD 205 billion which is the highest ever we announced for India. However understand this is a long term forecast number one. The issues that you are mentioning that Indian industry is right now going through some difficulties like losses and infrastructure issues are indeed true. This forecast is for the next 20 years.
We are still bullish on the GDP in India growing at higher rate. Ofcourse we have come down to 5.5 percent but we hope it will get back to the higher numbers like 8 and 9 percent which used to be the case in the past. More importantly with more jobs opening up and more hi-tech jobs coming into India, having discretionary income, higher salaries is creating demand for air travel.
Q: We have seen record traffic growth in India last year with 60 million domestic passengers traveling by air. What is your growth forecast for 2014?
A: We think this year the growth should be in the range of about 8 percent for the domestic traffic. That is still a substantial and healthy growth much better than many parts of the world that are experiencing today. If we continue to grow at that rate we will still beat this forecast – not meet, beat this forecast. However we will probably not see the double digit growths that we saw during certain periods between 2005 and 2010 when the growth was like 15, 18 percent year on year.
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