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Aviation industry stares at losses of up to USD 3.6 bn in Q1 of FY21: CAPA

Aviation industry stares at losses of up to USD 3.6 bn in Q1 of FY21: CAPA 

The Centre for Asia Pacific Aviation (CAPA) on Wednesday projected initial losses of USD 3.3-3.6 billion for the Indian aviation industry in the first quarter of FY2021 in the eventuality of all air services, including domestic remain shut until June due to the coronavirus pandemic, reports PTI.
The pandemic has had a significant impact on the aviation industry due to the stringent border controls by a host of countries and imposition of the travel ban on the people of other nationalities to contain the virus infection. 
“India’s aviation sector could incur losses of USD 3.3-3.6 billion in Q1FY21. Assuming that all domestic and international operations remain grounded until Jun 30,” CAPA India said in its preliminary report. “Even with some partial resumption of services in May and June, the financial outcomes may not change significantly,” the CAPA said. 
The CAPA also sought “urgent” government intervention and coordinated industry response to address all the requirement of the aviation industry. According to the CAPA, the airline sector losses are expected to be around USD 1.75 billion while that of the airports and concessionaires at around USD 1.50-1.75 billion and another USD 80-90 million losses of the ground handling companies. (Source: PTI)

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