Thomas Flohr, the founder and chairman of VistaJet Holdings SA, has a firm belief that business aviation in India is on the verge of the next step of growth. This faith is based on the number of travelers both within and outside of India. He sees that India's 'DNA is very global' and is expected to grow dramatically in the next few years

This view is shared by VistaJet's principal rival, NetJets. This is a unit of Berkshire Hathaway Inc and to show the interest in the market, Chairman Warren Buffett hosted a NetJets event in Delhi to discuss business aviation with prominent leaders back in 2011.

In August though, the Indian aviation regulator Directorate General of Civil Aviation had required Indian companies that provide this service to comply with safety audit terms set by the International Civil Aviation Organization. Under these standards, every non-scheduled operator, such as private jet companies, located in India must apply periodially with the DGCA to have their operations reviewed.

As for NetJets, the company has a growing list of clients in India, both individuals or as businesses. According to NetJets Corporate Communications Head, "India is an important country for us and we're examining options for established operations here."