India’s expanding middle class and inadequate surface transport have resulted in dramatic growth for the country’s aviation market—yet the nation’s airlines are finding it difficult to turn that growth into profits. Between 2010 and 2017 India’s air traffic doubled to 158 million domestic and international passengers, and is expected to reach 520 million by 2037, according to IATA. Its domestic aviation market is the world’s third largest, behind China ...

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