So I'd love to hear what Ajay has to say as well right now.

So, yeah, Prashant and Vishal.

Number one, I don't believe in the theory that this was casting stone three months back.

Maybe there was.

Obviously, the thought must have crossed the mind of someone that this should happen.

Maybe this was done under regulatory or government pressure.

We don't know.

Do you think, I mean, is that at risk? How will they be able to manage all this in the interim?

So I'd love to hear what Ajay has to say as well right now.

So, yeah, Prashant and Vishal.

Number one, I don't believe in the theory that this was casting stone three months back.

Maybe there was.

Obviously, the thought must have crossed the mind of someone that this should happen.

Maybe this was done under regulatory or government pressure.

We don't know.

Do you think, I mean, is that at risk? How will they be able to manage all this in the interim?

Now that the product is flying on domestic metro routes, as well as some international ones, is it actually pulling the corporate traveler away from the new Air India? Or is it just upgrading the existing Indigo loyalist?

See, the thing with Indigo stretches, I think there are two polar views about what stretches.

So people seem to think stretches... business class because the seats look like premium like business class when you get on board but stretches different things on different how do you want to call it different planes so I think on a narrow body plane stretch is more a challenger to business class because the seat is a what we call a business class seat but the product is what I would call a premium economy product you know and Indigo being Indigo does not want to complicate its own life so the product is standardized like a veg meal and so on and not everyone can appreciate that Because a lot of, I'm sure we've seen tweets over the year, including from Kiran Mazumdar-Shaw, I think about how this is a bad business class product.

But overall, personally, I think it's a great product.

I flew them a couple of times this year as well.

And I flew them last year as well when they launched the product.

I think they're doing a great job with the product per se, which, like I told you, is a middle of business and premium economy kind of operation.

Do you see NMIA becoming the standstead of Mumbai, which is more LCC heavy? Or will it genuinely rival the main Mumbai airport for premium traffic in 2026? What's your hunch?

Now that the product is flying on domestic metro routes, as well as some international ones, is it actually pulling the corporate traveler away from the new Air India? Or is it just upgrading the existing Indigo loyalist?

See, the thing with Indigo stretches, I think there are two polar views about what stretches.

So people seem to think stretches... business class because the seats look like premium like business class when you get on board but stretches different things on different how do you want to call it different planes so I think on a narrow body plane stretch is more a challenger to business class because the seat is a what we call a business class seat but the product is what I would call a premium economy product you know and Indigo being Indigo does not want to complicate its own life so the product is standardized like a veg meal and so on and not everyone can appreciate that Because a lot of, I'm sure we've seen tweets over the year, including from Kiran Mazumdar-Shaw, I think about how this is a bad business class product.

But overall, personally, I think it's a great product.

I flew them a couple of times this year as well.

And I flew them last year as well when they launched the product.

I think they're doing a great job with the product per se, which, like I told you, is a middle of business and premium economy kind of operation.

Do you see NMIA becoming the standstead of Mumbai, which is more LCC heavy? Or will it genuinely rival the main Mumbai airport for premium traffic in 2026? What's your hunch?

The question I have for some of these

operators out there is, are they trying to solve for regional aviation? Are they trying to get enough planes in the mix so that they can actually qualify for international operations? So just to give you an example, you know, two of the three airlines that are currently holding an NOC from the, you know, from the Ministry of Civil Aviation are both going to planning to operate from Kerala, for example.

And Kerala as a market is, I think, you know, at least when I've traveled around there, is very nicely connected via buses and other modes of transport as well.

So I'm trying to wonder what would an ATR operation change for this market to be really kind of, you know, changing and bringing this into like, what's really going to happen? Is there like a real market out there is something i'm wondering about um with respect to the other players the ones who've already launched uh i think at some point of time so so star here i think is doing a great job it's keeping its head down it's building a sustainable operation the fact that they're using embryos is actually helping them because they're able to connect between stations which are not in the operating capacity of ATR.

StarAir is doing something pretty unique in the sense that it did not go for ATRs or turboprops really.

It's really operating in a space where it's able to actually do secondary airport to airports where there are not too many operators like for instance, this flight they operate between Hindon in Delhi to Ajmer and Kolhapur to a lot of places and then so on and so forth.

So they're not a metro to metro operator, honestly, and they have a very sort of a unique route network.

Do you see 2025 as the year when Indian Airlines induct a new aircraft type in their fleet, whether it's the A220? It's the Embraer 195 or heavens forbid, the Comac 919.

The question I have for some of these

operators out there is, are they trying to solve for regional aviation? Are they trying to get enough planes in the mix so that they can actually qualify for international operations? So just to give you an example, you know, two of the three airlines that are currently holding an NOC from the, you know, from the Ministry of Civil Aviation are both going to planning to operate from Kerala, for example.

And Kerala as a market is, I think, you know, at least when I've traveled around there, is very nicely connected via buses and other modes of transport as well.

So I'm trying to wonder what would an ATR operation change for this market to be really kind of, you know, changing and bringing this into like, what's really going to happen? Is there like a real market out there is something i'm wondering about um with respect to the other players the ones who've already launched uh i think at some point of time so so star here i think is doing a great job it's keeping its head down it's building a sustainable operation the fact that they're using embryos is actually helping them because they're able to connect between stations which are not in the operating capacity of an ATR.

So, you know, StarAir is doing something pretty unique in the sense that it did not go for ATRs or turboprops really.

It's really operating in a space where it's able to actually do secondary airport to airports where there are not too many operators, like for instance, this flight they operate between Hindon in Delhi to Ajmer and Kolhapur to a lot of places and then so on and so forth.

So they're not a metro to metro operator, honestly, and they have a very sort of a unique route network.

Do you see 2025 as the year when Indian Airlines induct a new aircraft type in their fleet, whether it's the A220? It's the Embraer 195 or heavens forbid, the Comac 919.

What do you make of all of this?

So see, the one thing that I've learned about Indigo over the past two years is never say never.

Okay.

I think till the time Gangwal was around, it was a very different operating philosophy in the sense everything had to be kind of, you know, done in a certain manner.

And, you know, everything had to be planned for and then executed.

what's really, I think, come on over the past two, two and a half years has been a lot of hustle has come into the game for them.

Okay, so they're not, they're not scared of taking risks anymore.

What was your take on the aircraft from a passenger experience angle?

What do you make of all of this?

So see, the one thing that I've learned about Indigo over the past two years is never say never.

Okay.

I think till the time Gangwal was around, it was a very different operating philosophy in the sense everything had to be kind of, you know, done in a certain manner.

And, you know, everything had to be planned for and then executed.

what's really, I think, come on over the past two, two and a half years has been a lot of hustle has come into the game for them.

Okay, so they're not, they're not scared of taking risks anymore.

What was your take on the aircraft from a passenger experience angle?