New Delhi - The Economic Survey 2017-18 tabled in Parliament cited the regional connectivity scheme -- Ude Desh ka Aam Naagrik -- (RCS-UDAN) as one of the important initiatives taken to spur the growth of the civil aviation sector.
"This is a first-of-its-kind scheme globally to stimulate regional connectivity through a market based mechanism," the survey said.
"... 27 states, UTs have already signed MoUs with the central government under RCS-UDAN. Many private sector airlines are actively participating under this scheme."
According to the survey presented by Finance Minister Arun Jaitley in Parliament, other initiatives like revival of 50 unserved and underserved airports, setting-up of 18 greenfield airports and liberalisation of air services will lift the growth rate of the sector.
The survey added that India is currently the third largest and the fastest growing domestic aviation market in the world in terms of the number of domestic tickets sold.
"In 2016-17, annual growth in domestic passenger departures was 23.5% as compared to 3.3% in the US and 10.7% in China," the survey said.
"Domestic passenger traffic registered a compound annual growth rate (CAGR) of 9.89% during 2007-08 to 2016-17. In 2017-18 (April - September), domestic airlines carried 57.5 million passengers, with a growth rate of 16% over the corresponding previous year period."
"Scheduled Indian and foreign carriers carried 29.2 million passengers to and from India, and showed a growth rate of 9% in 2017-18 (April -September) over the corresponding previous year period."