Sky Jet good post there
But In my opinion there is room for more development in the country. How many airports in India do you think are like the new Delhi airport? I can count it easily with my finger. Just compare the airports with china, and also china is large but most of its air travel is concentrated in the east. India is more or less like china but china is running while India is walking. Mumbai Itself has the potential to be one of the biggest in Asia but its not going to happen soon in this corrupt country( no matter who wins the elections). So I would say in the coming 20 years airlines in India has the potential to double their fleet and improve their quality of service. Of course these should occur in phase with infrastructural development and quality of life.
Well you are right, the days of where a 250hr CPL holder getting into the airline without any more experience are over. unless you got more lacs to shed out to the airlines