AVIATION INDUSTRY IN INDIA - FLYING HIGH BUT HEADWINDS PERSIST
- Credit Rating Agency in India
- Industry Report
- AVIATION INDUSTRY IN INDIA - FLYING HIGH BUT HEADWINDS PERSIST
The aviation industry plays a vital role in the global economy, with significant direct, indirect, and induced effects. Its direct effects include creating jobs for airline staff, airport workers, and air navigation services. Indirectly, the industry supports fuel suppliers, airport construction companies, and aircraft parts providers. Induced impacts benefit banks, leasing firms, tourism, and e-commerce worldwide. The sector has an output multiplier of 3.25 times and an employment multiplier of 6.1 times, leading to substantial economic gains.
In 2023, the global aviation industry contributed $4.1 trillion (3.9%) to the world's GDP, directly supporting 11.6 million jobs and supporting overall 86.5 million jobs. It also facilitated $8 trillion (33%) in global trade and accounted for 58% of international tourists flow.