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Are the airfares between Indian cities cheaper than railways because of excess capacity?

Indian aviation industry is growing rapidly and along with that, the airfares have become cheaper in the last couple of years. In fact, often airfares are cheaper than railways because of excess capacity. The airlines continue to add more seats and more people are now availing airlines compared to the railway. However, rising fuel prices can affect the growth as the net profit of the airlines are getting affected.