India has great potential in so far as population and an emerging middle class in the hundreds of millions. There is no doubt that no matter what, the aviation sector will grow at a great rate. But there are a few things in my opinion that will put the brakes on Indian Aviation.
1) Can the infrastructure keep up with the demand (Slots, Bilaterals, airspace management, Air traffic control)
2) Can the red tape and bureaucracy be reduced.
3) Can corruption be curtailed.
4) The effect of the cast system on the middle class sector.
5) The effect of political favouritism on certain companies.
6) The availability of aircraft ( China is in a massive expansion mode )
Notwithstanding the above aviation in India is going to grow but I believe the Chinese factor has to be looked into. After all the Chinese are making Indian saries and selling them back to India!!!!!!!!!!!!!
Wooblah.
