Recent industry forecasts suggest that India is all poised to emerge as the third largest civil aviation market in the world by 2020 and the largest by 2030. The optimism for the booming growth of the Indian civil aviation sector stems from the fact that compared to markets like Brazil, Russia and China, India has achieved a higher percentage of growth in terms of capacity expansion and passenger traffic.

   Most of the Indian carriers are now on an expansion spree with ambitious plans for fleet induction. India, which now happens to be the ninth biggest aviation market, has logged an impressive 17.6% growth in revenue passenger kilometre (RPKs), as revealed by the figures for October 2015 made available by the International Air Transport Association (IATA), the Geneva based industry trade body.

   In comparison, China posted a RPK of 12.8 % and Russia 10.3%. Low cost carriers, also referred to as budget airlines, unheard of two....