AN EFFICIENT ECONOMY, REQUIRES A ROBUST AVIATION SECTOR

The aviation industry not only directly impacts the economy but is also interlinked with other sectors in the economy that generate enough income and employment opportunities

- AYUSHEE CHAUDHARY

“IN CASE OF CIVIL AVIATION, INDIA HAS THE THIRD-LARGEST domestic civil aviation market in the world. We are looking at a billion passengers per year. In a few years, we will be adding another 100 airports. A major airline ceased operations between December 2018 and April 2019. At that point of time, we had less than 600 civil aircraft, which have today increased to more than 750 aircraft. Does this look like an economic slowdown?” refuted Hardeep Singh Puri, Minister of State for Commerce and Industry while speaking at the first Asia Economic Dialogue organised in Pune by the Ministry of External Affairs along with the think tank Pune International Centre on March 2, 2020.

The economic situation of the country has been in a questionable state for quite some time now and the role of the aviation industry is an underestimated but a significant one in uplifting the economy. This is so because the aviation sector is interlinked with other sectors in the economy that generate enough income and employment opportunities.

Globally as well, aviation has been noted to be instrumental in driving global economic development. More than one-third of all trade by value is transported by air, making aviation a significant element of business all over the world. The aviation industry supports $2.7 trillion (3.6%) of the world’s gross domestic product (GDP), according to data shared by ‘Aviation: Benefits Beyond Borders’, a website by the commercial aviation industry body, the Air Transport Action Group (ATAG).