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India to become fastest-growing aviation market over the next two decades

Seattle, Washington - According to Boeing, India will be the fastest-growing commercial aviation market in the world over the next twenty years.

The US planemaker forecasts 2,380 new planes that are valued around $330 billion in that period due to the increasing demand for air travel in the country. Boeing's updated projection is slightly higher than its previous forecast that it made last year in December.

Boeing revealed its new prediction for the Indian market during a briefing in New Delhi on Nov. 6.

The Indian low-cost carrier SpiceJet said that it may order 100 A320neo jets as Boeing struggles to return its grounded 737 MAX jet into service. SpiceJet currently has 205 737 MAX jets on order with Boeing.

The American Aerospace giant also lost an order from Jet Airways for 210 aircraft after the Indian carrier went bankrupt.

The failure of Jet Airways depressed air traffic growth in India as it took more than 100 aircraft out of service almost overnight.

Despite the slowing economy and increase in provincial fuel taxes, the country's huge population of 1.3 billion encourages airlines to expand rapidly.