The civil aviation industry in India is one of the fastest-growing industries in the world with the private sector accounting for more than 75% of the market share and currently ranks at the 3rd position globally. It is expected to become the largest air passenger and transport market by 2024 after overtaking the UK. However, this growth is only limited to certain airlines and many have succumbed in front of their huge losses. This paper aims to identify the reasons for such phenomenal growth in some airlines and at the same time understand what went wrong with the others due to which they faced losses and ultimately had to be shut down. This paper is curated after rigorous research and study - both primary and secondary in order to get a true and fair picture of the scenario in India as well as abroad with regards to the aviation industry and to understand the consumer preferences for the same.