Turnaround in the air

The India aviation industry has had terrible times until recently: Indian airlines accumulated massive losses; Kingfisher went bankrupt; Spicejet nearly defaulted before it was sold; and Air India was given a number of bailouts. The aviation industry has consistently proved to be a value destroyer. For example, Jet Airways has lost on average 5.49 per cent every year for the last ten years, whereas Spicejet has given a return of only 2.19 per cent per year over the same period. Over the last two years, thanks to rapidly falling crude-oil prices, increasing demand and improving