New Delhi, Jan. 9 -- A late-December social media post by Civil Aviation Minister K. Ram Mohan Naidu raised hopes of fresh competition in India's skies, naming Shankh Air, Alhind Air and FlyExpress as new aspirants.

But a closer look suggests the optimism may be premature. Of the three, only FlyExpress received its no-objection certificate in December. Shankh Air and Alhind Air were cleared earlier, contradicting the impression of rapid momentum. This matters because the update landed amid anxiety over a near-duopoly, after flight cancellations exposed the fragility of India's aviation system. Mint's review shows uneven fundamentals.

Alhind Air is backed by a large travel group but faces capital and execution gaps. Shankh Air's promoter...