Is there any need of EMC/EMI shielding of LCD used for Aviation pruposes?
Now we want to replace it with newer LCD TFT display. the question is
would ITO coating is needed for LCD EMC/EMI shielding?

You'll have to do a test, replace the TFEL and run it through any regulatory testing that the LCD is regulated by. If it doesn't pass and emits too much radiation, then you'll need to use better shielding