Airlines Risk Extinction as India Refuses to Rescue Billionaires
- India aviation sector faces $3.6 billion quarterly loss: CAPA
- Government hasn’t provided bailouts for struggling carriers
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With two-cent airfares, high fuel costs and taxes, India’s aviation market already was one of the toughest around. The coronavirus pandemic could be the final straw for some of the country’s airlines.
Indian carriers need as much as $2.5 billion to keep flying, CAPA Centre for Aviation in Sydney says, and that may only last to the end of this year if they’re lucky. Airlines suffered a total collapse in demand from March 25 to late May as India banned commercial passenger flights as part of its virus lockdown.