Mumbai VABB Q1 Business Jet Movements Surge 13.3% YoY, Becoming Asia-Pacific's Strongest Growth Pole — VSR Ventures Leads with 196 Movements, But Zero New FBO Infrastructure Creates a Growth Ceiling

AviGo data shows Q1 2026 Mumbai VABB business jet movements reached 2,488 (YoY +13.3%), with January and February both recording double-digit growth (+18.4%/+16.3%). Delhi VIDP recorded 2,419 (+2.3%), with the top three airports combined at 5,282 (+7.8%). In operator rankings, VSR Ventures leads Mumbai with approximately 196 movements (138 arrivals, far exceeding peers), while Air Charter Services leads Delhi at approximately 299. However, KG events show neither Mumbai nor Delhi has new FBO construction or dedicated business jet apron expansion announcements — contrasting starkly with the global FBO investment boom (Universal investing $20M in Dammam, SEA Prime expanding Milan). The DGCA-FAA new certification framework and G700's India certification are positive signals, but infrastructure bottlenecks will constrain growth sustainability. Confidence: ★★★.