Valuation and Key Operating Matrix .................................................................. 4 India offers a robust demand environment ....................................................... 5 Increasing affordability and narrowing fare gap leading the migration from Rail to Air Travel: ........................................................................................................... 6 Air Penetration rates to piggyback economic growth ......................................... 8 India's air passenger traffic at an inflection point ............................................ 8 UDAN scheme to bring small cities under air travel ......................................... 10 Aviation Industry faces near term turbulence ................................................. 11...