The biggest sector to have been hit hard by the coronavirus pandemic has perhaps been the aviation sector. In India, the trouble began brewing much ahead of the pandemic when Jet Airways suspended its services in 2019. The pandemic struck a blow to the sector.
Aviation consultancy and research firm CAPA said that Indian airlines are expected to post a consolidated loss of $4.1 billion this fiscal. It is similar to what they are estimated to have incurred in 2020-21, taking the total losses of two years to around $8 billion as a result of COVID so far, reported Times of India.
IndiGo, which is the country's largest airline, and Air India Ltd. will account for $4.5 billion of losses, CAPA Centre for Aviation said in its report India Airline Outlook for the fiscal year 2022, reported Bloomberg.
The firm said Indian carriers will need about $5 billion to survive but have access to only about $1.1 billion funds through initial public offerings, sale of new shares and other instruments.