Contribution of Aviation Industry in Indian Economy
The Indian aviation industry contributes around INR 330 billion to the country’s gross domestic product. The contribution the industry has made to the country’s economy in the last couple of years can best be described as phenomenal. Globally, it is one of the fastest growing industries. The entry of private operators in the industry and cut in air travel and prices, the industry became popularized in the country.
The GDP of the country has risen above 8 percent and it is expected the growth rate will continue for the coming years. In South Asia, the aviation industry in the country holds 69 percent of the overall airline traffic. What is more, the growth of airline traffic in the sector is 4 times what is recorded at international levels. The aviation industry has also contributed to employment as it supports over 1.7 billion jobs in the country. 276,000 of these jobs are supported directly by the industry, 841,000 are supported indirectly by the sector supply chain while 605,000 jobs are supported through spending by employees in the sector and the supply chain. What is more, there are more than 7.1 million people who are employed through catalytic effects of the industry.
Air traffic in India has grow at an enormous pace and it is expected that the growth will continue and exceed the 25 percent travel segment. The present scenario in the country has twelve domestic airlines operating in the country and another sixty international airlines in the country. With the continued economic growth in the country as well as its stability, the country has become the most preferred location for commerce and trade activities. The industry has also placed the largest order for aircrafts on a global scope.
The jobs available in the industry can best be described as high productivity and this is because the average employee generates INR 1.3 million annually in GVA. This is ten times more productive. Additionally, the industry has also contributed to the public finances. The sector pays more than INR 87.5 billion in tax and this includes tax receipts from social security contributions, corporation tax on profits and employees. Estimates indicate there is additional INR 9.8 billion government revenue that is raised through the aviation sector in the country while another INR 7.1 billion is raised through activities that are supported by employee spending in the sector and the supply chain.
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