IMPACT OF CORONAVIRUS ON INDIAN AVIATION INDUSTRY

Abstract

The world is facing its biggest ever fear which initially seemed to be an outbreak and within days it engulfed many countries globally and World Health Organization (WHO) announced it a PANDEMIC on 11th of March, 2020.The Coronavirus or COVID-19, term given by WHO, starting in the Wuhan province of China in November 2019, has witnessed 808,716 deaths, 24 August 2020. Over the years, tourism has grown into an industry and has become a major source of revenue for many nations. The economy of many countries rests largely on foreign currency earned through tourism. Further, due to economic growth and rise in per capita incomes, people have a higher disposable income and the urge to travel and see different places is now more easily satisfied. The tourism is one of the industries which has been badly effected due to the pandemic. The nationwide lockdown, restrictions on movement has added to the woes with leaving many jobless. This study, calculates the effect of COVID-19 on aviation industry which is complement to tourism industry. The outcomes of this study will help the bureaucrat’s and industry practitioners to form a strategy to minimize the economic effect and to bring back on track the industry. This will help the industry to recover post lockdown and to bring back its lost glory.