The third-largest aviation market in the world is facing turmoil after its fourth-largest airline declared bankruptcy earlier this month. Go Airlines — operating under the Go First brand (earlier called Go Air) — blamed faulty engines from US-based Pratt and Whitney, which grounded many of its aircraft. The US firm has denied the allegations. But the bankruptcy came at a time when things were finally starting to look up for the industry.
Profitability finally seemed nigh for the sector, which hadn’t made profits in over a decade, according to data from rating agency Crisil (chart 1).
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