Wide-body jets also called twin-aisle planes, which are primarily used for long-haul and ultra long haul operations, account for 11 per cent of the existing fleet and the rest 14 per cent are regional.jets, it said.
"Avolon forecasts that India's current passenger.fleet will double to almost 1,100 aircraft by 2027 with the total value of aircraft to be delivered over the next 10 years, at current list prices, projected to be USD 60 billion," it said.
Notably, over 60 per cent of the in-service and committed fleet comprise future technology types, it said adding, after taking into account the existing orders, there is a shortfall of 300 aircraft, with a current value of USD 20 billion, for India's airline fleet development over the next 10 years.
Airbus and Boeing, which are to be delivered to them over a period of time.
"However, the international aviation sector in India has been under-developed and, in order to achieve its full potential to support long-term economic growth, trade and tourism, it is imperative that it receives renewed focus and investment," he added.
According to the report, domestic passenger demand is forecast to grow at an average annual rate of 9.6 per cent over the coming decade, while the international passengers traffic volumes is likely to grow at 8.3 per cent.
As many as 22.8 million international passengers were carried by Indian airlines last year, an increase of 14 per cent over 2016, while almost 117 million domestic passengers were flown in 2017, a 17.4 per cent rise over 2016, it said.
India's airports handled 295 million passengers in 2017, with the five busiest airports all approaching - or already exceeding - their terminal capacities, it said.
It expects airport capacity to remain a constraint on growth despite significant state and private investment being committed.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)