New Delhi, March 8 : The Investment Information and Credit Rating Agency (ICRA) has revised the outlook for the Indian aviation industry to 'Stable' from 'Negative', given the fast-paced recovery in domestic passenger traffic in FY2023 and the expected continuation of the same in FY2024.

Moreover, the industry has witnessed improved pricing power, as reflected in the healthier yields and thus the revenue per available seat km - cost per available seat kilometre (RASK-CASK) spread of the airlines.  The same is expected to continue, given the sequential decline in aviation turbine fuel (ATF) prices from the peak of June 2022 and the anticipation of relatively stable foreign exchange rates.