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Jet Airways is one of the country's largest airlines and its share price fell 7% in Mumbai on Friday after news reported that the airline has little cash to make it over the next two month. Since the beginning of this year, the share has depreciated more than 60% of its value, despite spending millions to competitively enter the most rapidly expanding air transport industry in the globe.
Mr Dube said that the carrier was taking steps to raise revenue and reduce expenses and that the business was talking to its people. Over 68 million passenger during the first six month of 2018 flown within India, according to officials an 22% rise over the same prior year timeframe.
Latest available International Air Transport Association data show that India's inland air transport increased by almost 17% year-on-year in May. China's economic output in the same timeframe was almost 12%, while the United States showed 5.5% economic output expansion. India's aerospace industry has recorded double-digit percent expansion for 45 consecutive consecutive months.
In response to this increase, Jet Airways went on an economy tour to expand its aircraft portfolio. "Your cost is increasing significantly on the one hand, and your capacity to share this cost is limiting on the other," said Kapil Kaul, India CEO of the Center for Asia Pacific Aviation.
"Despite our strong organic expansion, the India markets were largely unprofitable," Kaul added. Dube, CEO of Jet Airways, underlined these challenging issues on Friday. "Aeronautics is currently in a difficult period with a falling number of rupees and the imbalance between high petrol and low fares," he said, and added that the carrier has experienced similar storming in the past.
We are not the only company in India that is under squeeze. IndiGo, the leading company, reported a 97% decline in net income for the six months ended June 30 versus the prior-year figure. Rahul Bhatia, Chief Executive Officer, also attributed the declining pound sterling and increasing cost of fuels. In order to keep it alive, India must also integrate its loss-making domestic airlines into the airlines.