US aircraft maker Boeing Corp on Monday revised upwards the potential business for aircraft in India to $35 billion in the next 20 years citing the high growth in passenger traffic, entry of private carriers and allowing them to fly on overseas routes.
"We are going to change the forecast as the earlier forecast was based when liberalisation policy was not in place and private airlines were not allowed to fly on international routes. There is lot more business happening here," Boeing Corp vice president Sales Dinesh A Keskar told reporters at the Aero India 2005 international seminar in Bangalore.
In 2003 Boeing had forecast that India would have 300 aircraft with an estimate business potential of $25 billion, but it was now revising the figure upwards in the range between $30 billion and $35 billion, he said.
Boeing's European rival Airbus Industrie in December had doubled its estimate saying that India had a potential to buy 400 aircraft in 20 years as against its earlier forecast of 220 aircraft.
"We revise our estimates every June, this year, we may revise the India estimate much earlier, soon after the air show as so much is changing here," Keskar said, adding the entry of new low-cost carriers was also driving the market.
However, he cautioned that much of the growth depends on the pace of improvement in airport and general infrastructure in the country.
