Healthy domestic demand and high manufacturing also helped India’s economy grow, and overtake China as the world’s fastest growing country.
The local airline industry also enjoyed higher profits thanks to a sharp fall in oil prices that sent shares soaring. Jet Airways climbed 8.2 per cent making it the best performing share on the Bloomberg Intelligence Global Airlines Valuation Peers Index. InterGlobe Aviation owners of IndiGo advanced 9.8 per cent and SpiceJet rose 9.4 per cent.
According to IGATE Research, India will have almost 30 million outbound tourists by 2018, and Airbus and Boeing forecast that Asia will overtake the US as the world’s biggest aeroplane market in 2 decades.
Overall it is expected that India will achieve 7.3 pc to 7.9 pc growth in 2016.