CARGOCONNECT-MAY23 - Flipbook - Page 44
FEATURE : AIR CARGO
The provisions support capital investments towards energy transition, net-zero
objectives, and energy security. The real estate sector has been under the spotlight
for meeting sustainability goals, and developers have begun to deliver net-zero
targets and contribute to the larger cause of climate change. Sustainability
elements now feature at the top and are no longer an additional feature. Instead, it
has become a necessity to define the competitiveness of any warehousing project.
JASMINE SINGH
SENIOR EXECUTIVE DIRECTOR AND HEAD – INDUSTRIAL AND LOGISTICS, CBRE INDIA
new terminals, Greenfield projects, and
the renovation of existing facilities, inclusive of the old military airfields from the
colonial times.
The move comes into the arena as
India asserts itself more broadly on the
global pedestal, buoyed by a growing
consumer base and economic growth in
the US$3.2 trillion economies, which is on
pace to surpass China’s. The nation has
already made its imprint in aviation, with
Air India announcing the largest deal in
commercial aviation history last month.
For many years, Boeing and Airbus SE
have sourced components from India.
Given the recent political developments, it is clear that India
aims to be a powerhouse in the air transport industry. From
2022 to 2041, Boeing predicts that India’s passenger traffic will
increase at a nearly 7 per cent annual rate, compared to 4.9 per
cent in China.
The Air India airline has ordered 470 planes, while the IndiGo
airline is anticipated to make a larger
order. Similarly, others are also beefing
up their bandwagon of ships.
With these new purchases, India is
attempting to catch up to larger aviation
markets such as China. According to
Cirium Data, Asia’s third-largest economy
has more than 1,400 aircraft on sale,
including letters of intent that are less firm
than an outright acquisition. That’s nearly
twice as many as China, which plans to
nearly double its airport capacity to 450
by 2035. China now has a considerably
larger fleet than India.
Adani Group’s 2,866-acre airport
in Navi Mumbai, which will manage 90 million passengers
by 2036, is one of India’s major airport developments. Zurich
Airport International AG is also developing a new facility in
New Delhi with an ultimate capacity of 70 million travellers.
Following suit, other Greenfield runways will also be built in
Karnataka, Gujarat, and Andhra Pradesh.
OVER THE NEXT TWO
YEARS, INDIA WILL SPEND
APPROXIMATELY `980 BILLION
(US$12 BILLION) ON AIRPORTS,
WITH AIRLINE ORDERS FOR
HUNDREDS OF NEW PLANES TO
MEET THE RESURGENT TRAVEL
DEMAND, PLACING STRAIN ON
THE EXISTING INFRASTRUCTURE.
44 | CARGOCONNECT MAY 2023