India is currently the sole bright spot in Asia's aviation sector, Neil Book, CEO at the largest independent aviation firm JSSI, told CNBC's "Squawk Box" on Wednesday.
Private jet sales are up and the emerging middle/upper classes have witnessed double-digit growth rates in travel, he explained.
The upper middle class made up 8 percent of the population in 2015, and is set to hit 12 percent by 2020, according to Boston Consulting Group. Meanwhile, the ultra-high net worth population--defined as those whose net worth exceeds $50 million--stood at 178,000 in 2016 and will increase 57 percent by 2021, estimates Credit Suisse.
Unlike his predecessors, Prime Minister Narendra Modi has loosened industry restrictions that are set to increase new aircraft deliveries as well as in-service and used business jets, Book continued.
Indeed, 2016 was a landmark year for Indian carriers as Modi unveiled a national civil aviation policy aimed at expanding air travel. Under the policy, domestic airlines are no longer required to log five years of domestic routes before getting an overseas permit, known as the 5/20 rule.
The government also said it would limit base fares on regional routes to 2,500 rupees ($37) per hour of travel in an attempt to make flying more viable for commercial passengers.
As strong economic fundamentals boosts air traffic, India may even overtake Japan this year to become the world's third largest domestic market behind the U.S. and China, the Centre of Aviation (CAPA) stated in a new report.