What does Rakesh Jhunjhunwala see in the airline industry?

Rakesh Juhunjhunwala, who is known as the Indian Warren Buffett, is a popular figure in the Indian stock market. In fact, Jhunjhunwala and the real Buffett share some traits. They both became billionaires through stock market investments. 
Their stock portfolio contains airline stocks. When the airline industry plummeted following the covid-19 outbreak, Warren Buffett gave up the US Airline stocks. However, Jhunjhunwala took a different step. He decided to start a budget airline comprising 70 planes. His decision to invest in the airline industry, which is badly hit by the covid-19, is considered revolutionary. 
Generally, airline stocks are considered risky and prone to loss. In 1989, Buffet had a major chunk of US Air shares. Although he could retrieve the initial investment along with some dividends, the stock value remained inconsistent. Recently, Buffett’s company Berkshire Hathaway invested in airlines. However, when the value of those shares dipped following the pandemic, he dropped the shares. He never regretted it. He also said that it caused him a loss of around $5 bn. 
At the same time, Jhunjhunwala strongly supports the airline industry. He invested in the budget airline Spice Jet in 2014 although many cited it as a wrong move. He also took part in the IPO of Indigo.
In his recent interview with Bloomberg television, he said that he feels bullish about the airline industry, considering the demand. Last year, although his airline shares dipped considerably after the pandemic, they still give him an income proportional to the initial investment. 
In an area like the airline industry, where ups and downs are constant, one has to wait and see which billionaire would succeed eventually.