Aligns with Government of India’s vision of achieving zero indigenous cases of Malaria by 2027.
Expecting to benefit communities, in partnership with NGOs and Municipal Corporations.
Ahead of World Malaria Day, UPL SAS has reaffirmed its commitment to national health through its Public Health Solutions aimed at eradicating malaria and curbing the rising case of dengue. This initiative marks a significant step in supporting the Government of India’s comprehensive strategies—National Framework for Malaria Elimination (NFME) and National Strategic Plan for Malaria Elimination—which target zero indigenous malaria cases by 2027.
Collaborating with Municipal Corporations Across India
To support this mission, UPL SAS is leading awareness and prevention programs in partnership with municipal corporations. The company has launched these efforts in both urban and rural areas. Notably, it worked in Udvada village, Gujarat with the Clean and Green Charitable Trust. Another key project ran in Hyderabad with the Greater Hyderabad Municipal Corporation (GHMC), targeting mosquito-borne diseases.
Expanding Public Health Efforts Across India
Furthermore, building on these successes, UPL SAS is currently in discussions with various municipal bodies and state governments in Gujarat, Telangana, Maharashtra, and Karnataka to scale its public health efforts across more regions. Through these partnerships, the company aims to impact millions of lives, particularly in vulnerable urban and rural communities.
Speaking about the initiative and new solutions, Mr. Ashish Dobhal, CEO of UPL SAS, stated,
“UPL SAS’ public health initiative goes beyond agriculture—we are committed to community well-being and environmental sustainability. By offering reliable, effective, and scalable solutions for mosquito control, we aim to support India’s public health goals and create healthier, safer living environments for all, potentially benefiting millions of people across India.
We believe collaboration with local authorities and communities is key to achieving lasting impact and driving progress toward a malaria and dengue-free India.”
UPL SAS’ Mosquito Control Solutions
Speaking about UPL SAS’ solutions, Mr. Subrata Pal, Head of Public Health Business of UPL SAS, said,
“UPL SAS, along with its partners, has a comprehensive approach that combines public awareness, habitat modification, larval and adult mosquito control by focusing on sustainable prevention of mosquito population.
The first step in UPL SAS’ public health solutions strategy is to identify mosquito breeding grounds and eliminate larvae at the source. UPL SAS is also soon introducing unique green chemistry molecules, approved by the WHO and safe for human health and potable water—for the first time in India.
These larvicides are used in stored water sources like tanks, ponds, wells, and in flowing water bodies, both at homes and public places. By controlling mosquito populations at the larval stage, UPL SAS aims to significantly reduce the risk of vector-borne diseases like dengue and malaria.”
The cold fogging machines offered by UPL SAS are lightweight, energy-efficient, and easy to operate, and are designed to minimize air pollution while effectively targeting mosquito breeding areas. Moreover, these interventions are powered by formulations approved by the World Health Organization (WHO) and the National Vector Borne Disease Control Programme (NVBDCP), ensuring safety for humans, animals, and aquatic ecosystems.
These efforts underscore UPL SAS’ broader vision of environmental conservation and sustainable development—ensuring communities thrive in healthier, safer ecosystems.
Numeros Motors, a new-age OEM specializing in indigenous electric mobility solutions, has partnered with the Indian Institute of Technology (IIT) Bhubaneswar). They signed a two-year agreement to research and evaluate various non-magnet or rare earth-free (RE-free) motor topologies.
This project aims to identify cost-effective, robust, and sustainable motor technologies. As a result, it supports India’s electric vehicle (EV) growth while reducing the country’s dependence on rare minerals.
The collaboration contributes to India’s clean mobility goals by promoting local innovation. Instead of relying on imported rare earth materials, the partnership leverages IIT Bhubaneswar’s engineering expertise and Numeros Motors’ practical drivetrain knowledge.
Therefore, the project focuses on creating efficient, affordable motor systems that align with India’s vision of a self-reliant EV ecosystem.
The initiative is aligned with India’s vision to promote self-reliant, sustainable EV technologies.
Leaders Comment on the Collaboration
Shreyas Shibulal, Founder & CEO of Numeros Motors, commented:
“Innovation is at the core of everything we do at Numerous Motors. Our partnership with IIT Bhubaneswar marks a significant step in our mission to transform India’s electric mobility landscape.
We believe that rare earth-free motor technologies will play a crucial role in building sustainable, affordable, and truly indigenous EVs. Scaling these technologies will help reduce import dependency, lower production costs, and contribute meaningfully to a greener, more self-reliant EV ecosystem in India."
Prof. Shreepad Karmalkar, Director, IIT Bhubaneswar, said:
“Industry-Academia collaboration and entrepreneurship are among the primary focus areas of IIT Bhubaneswar. We are happy to collaborate with Numeros Motors in the field of Electric Vehicles with a vision to ensure sustainability.”
He also highlighted the initiatives in the area of Electric Vehicles undertaken in the Research and Entrepreneurship Park of IIT Bhubaneswar.
Dr. Ankit Dalal, Assistant Professor, Electrical Engineering Department, IIT Bhubaneswar, added:
“We’re excited to embark on this two-year research journey with Numeros Motors to develop rare-earth-free motor technologies.
This partnership represents a shared commitment to sustainable innovation and cutting-edge engineering. With Numeros’ industry leadership and our research capabilities at IIT, we look forward to creating impactful solutions for the future of electric mobility.”
The signing ceremony was attended by representatives from both Numeros Motors and IIT Bhubaneswar. As a result, this underscored their shared commitment to pioneering future-ready electric mobility solutions that are both efficient and ecologically sustainable.
About Numeros Motors
Founded in 2019 by Mr. Shreyas Shibulal, Numeros Motors is a Bangalore-based Original Equipment Manufacturer (OEM). The company designs indigenous electric two-wheelers for diverse needs.
Notably, it has completed India’s largest pilot test, covering over 13.9 million kilometers. Building on this, the DIPLOS platform was launched, introducing seven new variants across two product lines.
To date, Numeros Motors has filed over 200 IP rights, with 113 already granted. Its 20,000 sq. ft. facility in Narasapura, spread across 16 acres, supports over 70,000 units of annual production.
The team includes 250+ automotive professionals with full design, development, and testing capabilities. This includes a styling studio and a validation lab for multiple vehicle types.
Additionally, the company partners with distributors and maintains a growing sub-dealer network. It currently operates in 14 Indian cities, with monthly expansions underway.
Mahindra Lifespace Developers Ltd., the real estate and infrastructure development arm of the Mahindra Group, has launched Mahindra NewHaven Bengaluru, an IGBC-certified Net Zero Energy & Waste project. The development offers 70% open spaces, with bespoke 3, 3.5, and 4 BHK residences. It aims to elevate modern living through a strong focus on sustainability and innovation. This new project stands right next to the highly successful Mahindra Zen on Hosur Road in South Bengaluru.
Sustainability Meets Sophistication in Mahindra NewHaven Bengaluru
“Bengaluru continues to be a key market for Mahindra Lifespaces, with our projects consistently receiving strong responses. Following the success of Mahindra Eden and Mahindra Zen, both of which are almost sold out, we are excited to announce the launch of Mahindra NewHaven Bengaluru, our fourth premium development in South Bengaluru, designed to meet the city’s evolving lifestyle aspirations.”
The project’s design promotes natural harmony. Every residence includes spacious layouts that allow excellent cross-ventilation and welcome abundant sunlight. Wide, expansive decks enhance the serene living experience and support a sustainable urban lifestyle.
A Lifestyle Destination with Premium Amenities and Connectivity
Moreover, Mahindra NewHaven Bengaluru offers premium lifestyle amenities, including a 10,400 sq. ft. clubhouse with an infinity pool. The project is strategically placed just 1 km from the Singasandra metro station and near Electronic City, providing excellent connectivity to major IT hubs, business parks, and a thriving social infrastructure.
Additionally, Residents can easily access top educational institutions, shopping centers, supermarkets, entertainment venues, and dining options. As a result, Mahindra NewHaven is positioned as a truly comprehensive lifestyle destination that meets the needs of the modern urban family.
Mahindra Group, has a global presence across diverse business verticals, including automotive, farm equipment, technology, financial services, real estate, hospitality, logistics, renewable energy, and aerospace and defense. Learn more about Mahindra
The aviation industry across the globe, and particularly in India, is experiencing a period of unprecedented growth. Supported by favorable government initiatives, advancements in technology, and rising disposable incomes, the surge of new airlines and aviation-related companies is remarkable. However, as history teaches us, such booms are often followed by corrections, leading to a potential consolidation phase through mergers and acquisitions (M&A). This article will explore the current dynamics of the aviation sector, provide detailed statistics, case studies, and a comprehensive outlook on the future of M&A in this industry.
Current Landscape of the Aviation Industry
Statistical Growth Overview
The aviation sector has shown impressive growth rates in India. The following table illustrates the increase in air passenger traffic over recent years, highlighting the sector’s upward trajectory:
Year
Domestic Passengers (Millions)
International Passengers (Millions)
Growth Rate (Domestic)
Growth Rate (International)
2018-2019
341.04
69.74
–
–
2019-2020
348.63
77.25
2.12%
10.73%
2020-2021
140.80
16.81
-59.73%
-78.24% (Pandemic Effect)
2021-2022
165.20
28.76
17.44%
71.42%
2022-2023
220.00
40.00
33.33%
39.14%
Table 1: Air Passenger Traffic Growth in India
Key Growth Drivers:
Infrastructure Development: Enhanced airport infrastructure, including the construction and modernization of terminals, is facilitating increased passenger flow. Simultaneously, allotment of prime spaces to FTOs, MROs and other ancillary aviation companies next to remote airstrips adding to the boom.
Digitalization: The adoption of technology in ticketing, customer service, and maintenance operations is making air travel more accessible and efficient. Long gone are the days of Travel Agents taking you for a ride.
Environmental Regulations: Increasingly stringent emissions regulations are prompting innovations in aircraft technology, which will affect both operational costs and market dynamics.
Government Support and Initiatives to boos Aviation Industry
The Surge in New Entrants
Industry Entry Analysis
Over the past few years, the Indian aviation market has seen the introduction of numerous players.
As per DGCA present stats in India:
Total Non-Scheduled Operators (NSOPs): 117 Applications pending with DGCA for grant of NSOP: Approx 77
Total Scheduled Airlines: 12 Major players: Indigo and Air India enjoying a duopoly with aircraft numbers to the tune of 300 each Several Regional Airlines like Air Kerala, Al Hind, Shankh Air etc are jostling to pick up a pie of the Scheduled Airlines space in 2025, though regional to start with.
However, not all of these will be able to sustain their operations, leading to the following trends:
Case Study: The Rise and Challenges faced by Airlines
Akasa Air: The Mumbai-based low-cost airline, which started operations about three years ago, has a fleet of 27 planes, but has 226 jets – all Boeing 737 MAXs – on order. Deliveries have been delayed as Boeing’s 737 program faced regulatory scrutiny after a mid-air cabin panel blowout last year and suffered from the effects of a seven-week workers’ strike. Troubles at Akasa with large unutilized pilots and engineers is having a ripple effect on their planned expansion.
Spicejet: Though pulling on for a long time, Spicejet is presently facing fresh round of troubles as three Ireland-based aircraft lessors, viz NGF Alpha, NGF Genesis and NGF Charlie- have filed petitions in NCLT under Section 9 of IBC, seeking initiation of insolvency proceedings against SpiceJet claiming dues totalling USD 12.68 million (about Rs 108 crore).
GoAir (Go First): Launched in 2005, GoAir has faced funding challenges and operational hurdles but managed to manoeuvre for a sufficiently long time by focusing on low-cost travel options. However, the company finally had to shut shop after a Court Order deregisteried all it’s aircraft, highlighting the challenges airlines face in a competitive marketplace.
IndiGo: As a successful low-cost carrier, IndiGo has managed to grow its market share significantly, outperforming many competitors through operational efficiencies. It serves as a benchmark for emerging airlines aiming to sustain themselves long-term.
Survival Rates of New Airlines
The probability of survival for new airlines is illustrated in the chart below, showcasing a typical trend in the aviation sector:
Less than 1 Year: 40% of new entrants do not survive.
Less than 3 Years: 60% do not make it past this point.
Less than 5 Years: Only 30% endure.
Chart 1: Survival Probability of New Airlines
This trend raises significant concerns about market saturation and the impending consolidation phase.
The Inevitable Trough: Triggers for Consolidation
Indicators Reflecting Impending Consolidation
Market Overcrowding: The influx of airlines may lead to a lack of differentiation, increasing competition. Many new entrants may struggle to maintain profitability, increasing the likelihood of acquisitions.
Financial Instability: Many newer scheduled and non-scheduled airlines are bound to face challenges in achieving financial sustainability. As cash reserves dwindle and operating costs rise, they will become vulnerable to acquisition while the smarter ones amongst them will opt for mergers or opt for inducting managing partners who with their professional skills could possibly achieve turnarounds.
Owners lack of business acumen: As is the culture and herd mentality, many HNI’s get attracted to the glitz and glam of the aviation industry, thereby investing colossal sums into it while trivializing the challenges inherent to aviation. Lacking the right business acumen topped with unprofessional management, eventually lead to such companies shutting shop, leaving the flamboyant owners to face the flak.
Regulatory Environment: Manoeuvring through and complying with the stringent regulatory norms characteristic to any Aviation Industry is not for the weak hearted. Regulatory bodies will eventually force consolidation to maintain safety standards and improve operational efficiency among carriers.
Historical Precedence in Aviation M&A
The aviation industry has experienced numerous M&A activities, reflecting the boom-bust cycle effectively. Few famous ones for instance:
Delta Airlines and Northwest Airlines: The merger in 2008 created the world’s largest airline, showcasing how economies of scale can improve service offerings and reduce costs.
British Airways and Iberia: Merged in 2011 to form International Airlines Group (IAG), this partnership allowed both airlines to leverage their networks while achieving significant cost synergies. By consolidating operations, they could offer competitive fares and enhance service delivery, demonstrating how strategic mergers can lead to enhanced market position.
Lufthansa and Swiss International Air Lines: In the mid-2000s, Lufthansa acquired Swiss to enhance its European market reach and operational capacity. This merger aimed at strengthening their competitive advantage against low-cost carriers and other full-service airlines. The integration process, albeit challenging, allowed Swiss to retain its brand identity while benefiting from Lufthansa’s operational expertise.
Vistara and Air Asia India: In early 2020, Vistara (a joint venture between Tata Sons and Singapore Airlines) acquired AirAsia’s stake in their joint venture, AirAsia India, increasing Vistara’s market presence. This strategic acquisition demonstrated the consolidation trends within the industry.
Air India and Indian Airlines: In 2007, state-owned Air India merged with Indian Airlines, creating a single entity under the Air India brand. This move aimed to mitigate competition, streamline operations, and enhance service delivery across both domestic and international markets.
The list is endless with mentions of Jet Airways taking over Air Sahara (2006), Kingfisher and Deccan Airlines (2007), Spice Jet and Kalanithi Maran’s group (2010), Jet Airways and Etihad Airways (2013) etc etc.
Similar is the list of Airlines going bust with some leading names being Jet Airways, Kingfisher Airlines, Paramount Airways, Go Air (Go First), Indus Airlines etc etc.
These historical examples underscore the cyclical nature of the aviation industry, with periods of rapid growth often followed by consolidation as companies seek to stabilize and optimize operations.
Future Landscape: Predicting M&A Trends in Aviation
Implications for Market Players
As the aviation industry evolves, several implications regarding M&A trends can be drawn:
Increase in Strategic Alliances: Companies will increasingly seek partnerships not just through mergers, but also through strategic alliances and joint ventures, allowing them to share resources, reduce costs, and enter new markets without the need for full mergers. Many companies, mostly from the General Aviation sector, with full knowledge of the DGCA, have already resorted to sharing their manpower through cross utilization contracts, to tide over the shortages like for example the B2 Engineers that are rare to find.
Focus on Sustainability: Companies demonstrating commitment to sustainability and environmental responsibility will likely be more attractive acquisition targets, especially as regulations become stricter and consumer preferences shift toward eco-friendliness.
Technology as a Catalyst: The role of technology will be crucial in the M&A space, as companies that leverage innovation effectively will outpace competitors. Acquiring tech-driven startups focused on areas such as AI in customer service, automation in logistics, and data analytics can provide competitive advantages.
Globalization of Operations: Emerging players can orient their strategies toward global markets, identifying acquisition targets in different geographies to diversify their portfolios and expand their reach.
Challenges for New Entrants
New entrants must navigate several challenges as they step into this competitive landscape, which could push many toward M&A:
Securing Funding: Access to capital remains one of the most significant challenges, especially following the economic impacts of the COVID-19 pandemic. New airlines may rely heavily on investor funding and venture capital, often transforming their business strategy to align with investor expectations.
Navigating Regulatory Hurdles: Regulatory requirements can pose significant barriers to entry and ongoing operations. New companies must demonstrate compliance and risk management capabilities to survive, which can be taxing on resources.
Overcoming Lack of Business Skills: Promoters and Owners will have to go the extra mile in identifying the right management to be placed at the helm of such organizations. While Integrity remains non-negotiable, professional and proactive approach of the management in an aviation company could swing the EBITDA by as much as +/- 30%. Some Owners of late have started offering stakes to indispensable CEO’s and MD’s, somewhat similar to ESOPs practiced by MNC’s.
Consumer Behavior: Changing consumer preferences, especially after the pandemic, will require agility in service offerings. Airlines’ ability to adapt to the evolving expectations of travelers—such as enhanced hygiene practices and flexible booking policies—will be critical for survival.
Late-Stage Entrants: Strategic Advantages in Acquisitions
Late-stage entrants can also find unique opportunities amidst the turbulence. By observing industry trends and learning from the mistakes of early entrants, they can position themselves strategically:
Targeting Failures: Late entrants can analyze and identify struggling airlines / aviation companies and strategically acquire them at lower valuations. These acquisitions can help build market share quickly and allow the integration of established customer bases.
Geographical and Service Diversification: By strategically expanding service areas or targeting underserved markets, late entrants can find niches that allow them to capture market share while existing competitors grapple with their challenges.
Emphasizing Value Propositions: New players entering the market should prioritize strong value propositions, leveraging technology, customer service, and unique offerings to differentiate themselves from established competitors.
Case Study: An Emerging Airline’s Journey
To illustrate the challenges and opportunities for emerging airlines, let’s consider the hypothetical example of “AeroStar”, a new entrant launched in 2023 and its modus operandi:
Foundational Approach: AeroStar focused on niche markets in Tier 2 and Tier 3 cities, tapping into unmet demand for regional travel. Its business model was designed around affordability and convenience, targeting price-sensitive travelers.
Technology-Driven Operations: Leveraging digital platforms and AI for ticketing and customer engagement, AeroStar aimed to achieve operational efficiencies through automation and advanced analytics. By utilizing customer data to tailor services, AeroStar positioned itself favorably among tech-savvy consumers.
Professional Management: Aerostar left no stones unturned to attract the best talent in the aviation industry, thereby appointing and placing an efficient management at the helm.
Funding Strategies: To navigate capital challenges, AeroStar sought partnerships with venture capital firms specializing in transportation. These strategic funds allowed for aggressive marketing and service launch while setting the groundwork for potential acquisition.
Future Outlook: As AeroStar continues to grow its fleet and customer base, being agile in partnerships and remaining responsive to market demands will be crucial. Achieving visibility and goodwill in the aviation marketplace positions it as a potential consolidation target for established players looking to venture into new regions.
The Role of Government Policies and External Factors
Governmental Support as a Catalyst
The role of government policy in bolstering the aviation industry cannot be overstated. Policy initiatives can stimulate growth and influence M&A. Government policies can significantly influence the aviation landscape. In India, the government’s strategic initiatives, such as the National Civil Aviation Policy (NCAP) and supportive measures through the Ministry of Civil Aviation, aim to foster growth and investment in the sector. Some specific initiatives are:
Udaan Scheme: Launched to enhance regional connectivity, this scheme has encouraged airlines to operate in underserved airport markets and incentivized them through financial support. The expansion of domestic routes has provided fledgling airlines with new opportunities for growth.
FDI Policy: The government’s Foreign Direct Investment (FDI) policy allows for 100% FDI in air transport services and opens the door for foreign airlines to invest in Indian carriers. This influx of foreign capital can provide established airlines with the funds necessary for expansion.
GST Reduction from 18 to 5%: The GST on domestic MRO services has been reduced from 18% to 5%. A uniform 5% IGST is now applied to all aircraft and aircraft engine parts, regardless of their HSN code. Helicopter services are subject to a 5% GST w.e.f. Oct 10 2024. This policy change addresses challenges like inverted duty structures, GST accumulation, and customs classification ambiguities, making India a more attractive destination for MRO services.
Privatization of Airports: The trend towards privatization of several major Indian airports allows businesses to operate with improved efficiency and customer service standards, creating a competitive atmosphere that supports both growth and consolidation. The Government’s policy of allotment of land next to remote airstrips has also paid off well as can be seen in the case of Jalgaon (Maharashtra) and Khajuraho (Madhya Pradesh) where FTO’s like FlyOla, Skynex, Shaurya Flight Sim etc are flying high with hefty bottomlines.
Regulatory Framework: Regulatory bodies such as the Directorate General of Civil Aviation (DGCA) influence the operational landscape of airlines. New entrants must navigate rigorous compliance processes that are characteristic of Aviation Industry across the world. This often significantly affects their sustainability and thus raises potential for mergers.
External Factors Influencing the Aviation Market
Economic Conditions: The health of the global and national economy is a crucial factor. Economic growth often boosts disposable income and consumer travel demand. Conversely, economic downturns may lead to reduced travel budgets, affecting airline revenues.
Global Events: Events such as the COVID-19 pandemic dramatically alter the trajectory of the aviation industry. The pandemic forced a reckoning in how airlines operate, highlighting the need for resilience and adaptability. Future disruptions—be they health crises or geopolitical tensions—will also dictate operational tactics.
For example the recent tariff war started by President Trump, even though predicted to be short term, with China retaliating and asking it’s Airlines not to take deliveries of Boeing aircraft (instead accelerating it’s COMAC C919 and C929 aircraft) could in one way be damning for Boeing. But at the same time these white tail aircraft (aircraft manufactured on order but not picked up) could be a boon for Airlines in India reeling under extremely delayed deliveries. To gauge the extent, Air India and new entrant Akasa Air have ordered 446 Boeing jets in total since 2021, roughly half of the aerospace company’s total orders from Central, East, South and Southeast Asia. Boeing is yet to fulfill delivery of 178 planes to Air India and 199 more to Akasa, according to the company
Technological Advancements: As technology evolves, so too do customer expectations. Airlines must continually innovate, implementing the latest advancements in AI, machine learning, and big data analytics to enhance the passenger experience. Companies leveraging technology effectively can improve operational efficiencies and provide a better service, which may lead them to become more appealing acquisition targets.
The Sanctions Era: The United States hegemony and the practice of placing sanctions on any country that doesn’t tow it’s line, has proven to be a bad omen to the Aviation Industry of many a countries. The Indian Air Force for example comprises of an inventory that is almost 70% of Russian origin. Placing sanctions on Russia or Iran thus becomes detrimental to the interests of developing countries like India that are still struggling to catch the bandwagon of progress by accumulating resources from every possible source. This needs to change.
Conclusion: Preparing for the Future of Aviation
The aviation industry stands at a critical juncture filled with opportunities and challenges. As companies navigate this boom-bust cycle, the likelihood of mergers and acquisitions will increase, reshaping the landscape significantly.
The key to success lies in understanding market dynamics, leveraging government support, maintaining financial viability, and focusing on sustainable practices. Emerging players should remain agile and learn from established carriers’ journeys, ensuring they create robust business models to navigate the complexities ahead.
Strategic Recommendations for Various Stakeholders
For New Entrants:
Understand Regulatory Requirements: Most Important aspect for an NSOP to survive, So:
– Stay Compliant: Familiarize yourself with the regulatory landscape governed by the Directorate General of Civil Aviation (DGCA) in India. Ensure compliance with licensing, safety regulations, and operational guidelines.
– Obtain Necessary Licenses: Secure all necessary permits and licenses before commencing operations. This might include Air Operational Clearance (AOC) and adherence to safety and operational standards..
Build Strong Brand Identity: Cultivate a clear brand message that resonates with target customers. Differentiation is key; airlines must create unique selling propositions that distinguish them from the competition.
Flexibility and Adaptability: Being nimble in adapting to market changes can determine longevity. Late-stage entrants can take lessons from early players’ mistakes and adopt best practices that align with consumer preferences.
Implement Strong AI backed Marketing Strategies: Marketing makes or breaks companies, so should at the forefront through:
– Targeted Marketing Campaigns: Use targeted marketing and advertising strategies to build brand awareness and attract customers. Leverage digital marketing, social media, and influencer partnerships.
– Promotional Offers: Implement introductory fares and loyalty programs to entice travelers and build a loyal customer base in the early stages of operation.
For Established Carriers:
Explore Diversification: Look for opportunities to diversify services and geographic coverage by acquiring regional operators or ancillary service providers. This can help mitigate risks associated with market fluctuations.
Focus on Customer Experience: Invest in technology that enhances customer engagement and loyalty. Improved service quality can lead to a stronger position during future M&A discussions.
Engage in Preemptive Acquisitions: Established airlines should actively identify and engage with potential acquisition targets to consolidate their market presence and avoid reactive strategies in a booming market.
Invest in Employee Development:
–Training and Development Programs: Invest in comprehensive training programs for employees to enhance skills and improve service quality. Focus on leadership development, customer service training, and ongoing education in aviation operations.
–Employee Engagement Initiatives: Foster a positive work culture through employee engagement programs, recognizing contributions, and promoting well-being. Happy employees are more likely to provide superior customer service..
Marketing Campaigns: Utilize targeted AI marketing campaigns to reach specific customer segments, utilizing social media, digital platforms, and influencer outreach to enhance visibility and brand loyalty.
For Investors:
Monitor Regulatory Changes & Govt Policies: Stay updated on government policies that impact the aviation sector. Understanding regulatory landscapes will help in identifying viable investment opportunities. Never forget that In 1953, the Indian government nationalized Air India and several other airlines, including those owned by Tata, effectively ending the Tata’s direct control over these airlines. Decades later, a change in government policy, specifically a privatization drive, led to the Tata Group acquiring Air India in 2022, bringing the airline back under their ownership
Evaluate Technological Investments: Look for airlines investing in technology-driven solutions that create operational efficiencies or enhance customer experiences, as these companies may yield better long-term returns.
Risk Assessment& Due Diligence: Assess the financial health, operational efficiency, and sustainability measures of emerging airlines and aviation companies to forecast long-term viability before deciding to go in for investments. Investors should understand that in Airlines business, unlike any other, offloading equity is not easy. Aircraft and Inventory appraisals often have high variance, thereby affecting valuations of companies by huge margins. Due diligence and caution is thus imperative.
Strategic Diversification: Consider diversifying investments by not only focusing on airlines but also including ancillary aviation services which have an equally huge potential such as ground handling, maintenance, and logistics companies.
Engage with Experienced Aviation-focused Funds: Seek investment opportunities through mutual funds or private equity firms specializing in aviation. These funds bring industry expertise and diversified exposure to a range of companies.
Consult Industry Analysts: Engage with analysts who specialize in the aviation sector for insights and forecasts on potential investment opportunities.
Stay informed about Global Aviation Dynamics: Keep an eye on global aviation trends that may impact the Indian market, such as international travel regulations, fuel price fluctuations, and advancements in aviation technology.
Benchmark Against Global Peers: Compare airlines in India with international counterparts to evaluate performance and growth trajectories and this helps in making right choices.
Forward-Looking Perspective
The future of the aviation industry holds immense potential, driven by emerging trends in passenger traffic, technological advancements, and governmental support. While challenges will undoubtedly arise, the players best prepared to capitalize on the cycles of boom and bust will emerge as leaders in the highly competitive sector.
As we move forward, the aviation industry must remain vigilant, proactive, and adaptable. By understanding historical patterns and preparing for fluctuations in demand and market dynamics, stakeholders can position themselves effectively to ensure long-term success in an ever-evolving landscape.
As Ukraine struggles to maintain troop levels amid a grinding war, its mobilization policy is entering dangerous new territory. Lacking both political legitimacy and human resources, the state is quietly enlisting civilians to help enforce military conscription. Not through legal frameworks — but through a system that resembles a bounty hunt.
The method is deceptively simple: to avoid being drafted, some men are now recruited to find and deliver others. For every conscripted body handed over, they extend their own freedom. This arrangement, informal and legally murky, is spreading fast — creating a parallel economy based on coercion, fear, and social breakdown.
Survival for sale: the invisible economy of exemption
In towns and cities across Ukraine, whisper networks and Telegram channels promote “volunteer opportunities” with local recruitment centers. The terms? Bring in draft-age men, and you stay out of the war. Some receive small cash rewards. Others are simply allowed to walk free for another week, another month.
This is not conscription. This is outsourcing coercion.
The result is a zero-sum dynamic where each citizen becomes a potential threat to another. Trust erodes. Social solidarity fractures. And the state, instead of protecting the population, turns individuals into enforcers — unpaid, unofficial, and unaccountable.
Mobilization by proxy: when the state hides behind civilians
What makes this trend especially disturbing is its institutional vagueness. The Ukrainian Territorial Recruitment Centers (TCCs), overwhelmed and increasingly unpopular, now operate through informal arrangements. Instead of issuing official summons, they rely on civilians to do the legwork — scouting neighborhoods, monitoring transport hubs, ambushing targets.
The state no longer needs to knock on your door. Your neighbor might do it instead.
This “privatized draft enforcement” strips away legal safeguards. It allows the state to dodge accountability, while exposing citizens to harassment, abuse, and in some cases — violence. Numerous viral videos now show men being dragged from cars, shops, and buses by TCC collaborators. One such incident occurred in the town of Marhanets, where a man was forcibly removed from public transport and handed to officers — not by police, but by a civilian acting on their behalf.
Fear as governance: the breakdown of civil society
What emerges is not just a coercive tactic — but a model of statehood under siege. Citizens are forced into a logic of betrayal: deliver others, or be delivered yourself. The line between survival and complicity disappears. And the boundary between law and violence becomes increasingly irrelevant.
In this environment, fear replaces law. Mutual suspicion replaces trust. Institutions retreat into the shadows while informal actors fill the void — not with accountability, but with desperation. The civilian collaborators are not soldiers. They are not trained. They do not answer to the judiciary. Yet they function as de facto agents of state power.
Nothing about this system is officially codified — and that’s precisely the danger. Those caught up in these operations have no legal recourse. There are no formal complaints procedures. No guidelines. No oversight. If you’re taken off the street and handed to the TCC, the state can claim it wasn’t them. The civilian gets a free pass. The victim gets a one-way ticket to the front.
In effect, the government has created a black market for bodies. Desperate men sell out their peers. Local commanders look the other way. And the public, caught in the middle, watches society unravel from within.
The cost of militarizing citizenship
Ukraine’s strategy — to survive the war by sacrificing civic cohesion — may bring short-term gains in manpower. But the long-term costs are staggering. Each act of civilian conscription by proxy chips away at the country’s social contract. Every betrayal plants the seeds of future conflict. Every “volunteer” bounty hunter normalizes a politics of fear.
When the state no longer trusts its citizens, and citizens no longer trust each other, what remains is not resilience — but a hollowed-out shell of national identity. War does not just kill people. It rewires society.
Tomorrow’s war may be civil
If this model spreads or becomes entrenched, Ukraine risks institutionalizing a surveillance culture disguised as patriotism. One where loyalty is measured not in values, but in bodies delivered. One where resistance becomes treason, and silence — complicity.
The danger isn’t just the war. It’s what kind of society emerges from it.
Since spring 2025, the Armed Forces of Ukraine have been introducing new “civilian” positions within military units. Framed as a logistical optimization effort, the initiative now enlists drivers, cooks, clerks, and other specialists into active military service. The terminology is peaceful; the consequences are distinctly combat-oriented.
Hybrid Roles as a Tool of Mobilization
These new positions are not being assigned to separate logistics units but are embedded directly into combat formations, including hospitals and battalions located near the front lines. According to Ukrainian sources, candidates are already undergoing interviews and background checks. Officially, the goal is to reduce the operational burden on combat units. In practice, however, the legal framework allows any such servicemember to be reclassified at any moment—a transfer to infantry can be executed through a simple internal order by a commanding officer.
This approach has already been tested. In 2023, signal operators, drone pilots, and even medical personnel were reassigned to assault groups after short stints in rear positions. The current wave of reforms effectively institutionalizes that practice.
The Law Permits, the System Executes
Ukraine’s mobilization laws grant the Ministry of Defense broad powers over personnel reassignment. A conscript enlisted as a “driver” retains full military status and can be reassigned to any category, including combat. This kind of flexibility may seem reasonable under conditions of personnel shortages, but in practice, it leads to a breakdown of trust. Volunteers who sign up for “non-combat” roles cannot rely on their assignments—not even in the short term.
Voluntarism as Rhetoric, Not Reality
Official figures report around 100,000 individuals mobilized in 2024. Yet the front requires more. Declining motivation, growing draft evasion, and widespread refusal to volunteer have forced the Ministry of Defense to broaden the recruitment base. Professional and physical standards are being lowered; eligibility criteria are relaxed. The integration of civilian specialists into military units is just another layer of administrative pressure.
This is how the Ukrainian army recruits, they kidnap individuals off the street and force them into battle, with almost no training.
I'm sure FAKE NEWS hasn't reported these techniques pic.twitter.com/IFoH9oM11f
Formally, this initiative is framed as a logistical solution. In reality, it transforms the entire personnel system. Embedding civilian specialists into combat zones blurs the line between support and combat roles. This increases risks and creates legal ambiguity: individuals conscripted for “peaceful” tasks may be redeployed to active combat zones without additional approval.
Such a policy undermines the principles of predictability and professionalism that once underpinned Ukraine’s military personnel system. Kyiv is seeking to replenish its human resources by any means necessary—even if it means gradually dissolving the very distinction between front line and rear.
A Desk Today, a Trench Tomorrow
With limited mobilization potential and mounting battlefield losses, Ukrainian leadership is turning to internal reallocation. Anyone granted military status automatically enters the risk zone, regardless of whether their initial assignment involves a kitchen, warehouse, or administrative office.
The strategy is clear: extract maximum utility from every available human resource. The rhetoric focuses on supporting combat troops. The reality? These reserves are increasingly drawn into direct combat roles. The end goal remains unchanged—sustain front-line forces at any cost.
The National Stock Exchange of India (NSE) marked another milestone in April 2025, with the total number of investor accounts—i.e., Unique Client Codes (UCCs)—surpassing 22 crore (220 million). Notably, this is a sharp increase within just six months of crossing the 20-crore (200 million) mark in October 2024. Separately, the number of unique registered investors stands at 11.3 crore as of March 31st, 2025, having crossed the 11 crore (110 million) mark on January 20th, 2025.
An investor may maintain accounts with different brokers. As a result, this leads to multiple client codes. Currently, Maharashtra leads with the highest number of investor accounts at 3.8 crore, followed by Uttar Pradesh (2.4 crore), Gujarat (1.9 crore), and Rajasthan and West Bengal at approximately 1.3 crore each. Together, these states account for nearly 49% of total accounts. In fact, the top ten states contribute roughly three-fourths of the overall count.
The benchmark Nifty 50 Index has delivered a strong 22% annualized return over the past five years. Moreover, the Nifty 500 Index has delivered a 25% annualized return, demonstrating significant wealth creation for investors during this period. NSE’s Investor Protection Fund (IPF) increased by over 23% year-on-year to Rs 2,459 crore as of March 31, 2025.
Shri Sriram Krishnan, Chief Business Development Officer at NSE, said:
“India’s investor base continues to expand rapidly, with over 2 crore new accounts added in just six months—a clear reflection of strong investor confidence in India's growth trajectory despite global economic headwinds. This surge has been driven by accelerated digital transformation and the increasing adoption of mobile trading, which have made capital markets more accessible to investors across tier 2, 3, and 4 cities. The growth also highlights the success of focused initiatives to deepen retail participation, including widespread financial literacy programs and streamlined KYC processes. As participation broadens across a range of instruments—Equities, ETFs, REITs, InvITs, and Bonds—this milestone signals a maturing financial ecosystem where technology is playing a pivotal role in democratizing investment opportunities.”
About National Stock Exchange of India Limited (NSE)
The National Stock Exchange of India (NSE) was the first exchange in India to implement electronic or screen-based trading. It began operations in 1994 and is ranked as the largest stock exchange in India in terms of total and average daily turnover for equity shares every year since 1995, based on SEBI data.
NSE has a fully integrated business model comprising:
Exchange listings
Trading services
Clearing and settlement services
Indices and market data feeds
Technology solutions and financial education offerings
NSE also oversees compliance by trading and clearing members and listed companies with the rules and regulations of SEBI and the exchange. It is a pioneer in technology, ensuring system reliability and performance through a culture of innovation and investment in technology.
NSE is the world’s largest derivatives exchange by trading volume (contracts), as per Futures Industry Association (FIA) for calendar year 2024. Furthermore, it is ranked 2nd globally in the equity segment by number of trades (electronic order book) in 2024, as per World Federation of Exchanges (WFE).
