* Co will induct 225 MAX aircraft over next decade - statement
* India passenger traffic growing at more than 20 pct annually (Adds details from statement, company background)
By Abhirup Roy
MUMBAI, June 28 (Reuters) - Jet Airways Ltd, India's biggest full-service carrier, on Thursday said its new Boeing 737 MAX 8 aircraft will enhance efficiency and reduce costs, a move that is likely to help the airline bring down losses and improve competitiveness.
Jet Airways will induct 225 of the single-aisle MAX aircraft over the next decade, it said in a statement on Thursday while unveiling the first aircraft from the fleet.
The 737 MAX, which is more fuel efficient and has a longer range than some of its current fleet, is a "critical part" of the airline's strategy, Jet Airways CEO Vinay Dube said.
"The induction of the fuel efficient 737 MAX will also enable us to meet our strategic ambitions of growth, enhance our operational reliability and reduce costs," he said in a statement.
Jet Airways in May reported an annual loss for the fiscal year 2017-18 and said it is working to reduce costs, improve operational efficiency and raise funds to address any uncertainties.
The airline on Monday agreed to purchase another 75 of Boeing's 737 MAX aircraft after placing two similar orders over the past year, as the Indian carrier expands to meet domestic passenger demand in the world's fastest-growing aviation market. (Reporting by Abhirup Roy, Writing by Aditi Shah; Editing by Raju Gopalakrishnan and Vyas Mohan)