Indian Airport Sector: Long flight to recovery?

Indian aviation sector has been on a phenomenal growth path over the last decade. The sector has grown at a CAGR of over 12% for the last 10 years. A major milestone in the evolution of the sector has been the privatization of two major brownfield airports, namely Delhi and Mumbai airport. Around the same time State governments went for development of greenfield airports via Public Private partnership (PPP) route for two airports at Hyderabad and Bangalore. While private players have brought about significant change and much required energy to the sector, the Airport Authority of India (AAI) had also embarked on expansion and development of new Airports in emerging aviation centres of the country.