Towards a $5 Trillion Economy

An important but often overlooked component of a country’s economy is the role connectivity plays in its growth. Air, land, voice, data connectivities are all essential to improving productivity in a modern economy. The recent restrictions on connectivity during the recent Corona virus scare has caused trillions of dollars in losses globally and is evidence of our interconnected world.

Aviation has rapidly emerged as a leading connector especially in fast growing countries like India. The fact that more than 200 greenfield airport projects are being started points to the importance of this industry to the Indian economy.

There are two strands in the aviation industry: commercial and business.

Once a small niche area, the latter is quickly gaining ground as more and more business executives use private aircraft to provide them connectivity.

Business traffic is growing at a rate of almost 35 per cent per year compared to 18 per cent annual growth in commercial aviation.

And India is strategic placed to take advantage of this growth in business aviation. Attracted by its growing economy and the largest consumer market in the world, an ever increasing number of global companies are flying into India to be part of this exciting market. That means more executives flying into India and with that a bigger role for business aviation.

India’s business aviation industry will need to be ready to provide the support required by these executives. This industry is an integral part of India’s mission 5 trillion. Foreign investment is vital for the growth of the Indian economy and the government needs to support all the industries that help attract this investment. Business aviation is a vital cog in India’s economic growth and its growth needs to be nurtured to make it easier for global business to connect with India.