India, April 30 -- The Indian aviation sector presents one of the biggest paradoxes of the Indian economy. On one hand, air travel demand is on the rise, and on the other, airlines are failing.

The story of Indian aviation has never been straightforward. It has seen many highs and lows, from the nationalisation of Air India and its subsequent sale to the mushrooming of airlines and their eventual disappearance from the Indian skies.

The aviation industry has gone through a roller coaster rise. Right now, it is going through a very critical time, as many airlines are showing losses and are on the verge of closure. The rising fuel costs, coupled with a falling rupee -which makes maintenance and leasing of aircraft costly - along with high...