Direct employment in the aviation and aeronautical manufacturing sector is around 250,000 employees
The direct employment in the aviation and aeronautical manufacturing sector is nearly 250,000 employees and this includes pilots, cabin crew, engineers, airport staff, cargo, etc.
The Airport Authority of India (AAI) projected all-India passenger growth for FY 2023-24, 2024-25, and 2025-26, where the number of passengers in millions is expected to be 371, 412, and 453, respectively. The percentage growth of the airline industry in 2019-2020 was 23%, for 2020-21 the growth was negative at –57% and lastly, the growth in FY 2021-22 was 47%.
The hospitality and aviation industries are the most affected ones during the Covid-19 period which has impacted the revenue and profitability of stakeholders.
The government is taking several measures to increase the growth of the aviation sector which includes, a capital outlay of around US$ 11.8 billion (Rs. 98,000 crores) in the airport sector, approval of ‘In-Principle’ for setting up 21 greenfield airports, reduction in Goods and Service Tax for domestic MRO services, connecting 453 routes to 70 airports under Regional Connectivity Scheme (RCS) - UdeDesh ka Aam Nagrik (UDAN), improvement in air navigation infrastructure, and more.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.