Indian domestic passengers against economic output, one dot per quarter. The dots climb together before the pandemic and fall far below in it; whether they share a lasting link is unresolved, so nothing is fitted.
What this shows: The chart covers 2010 Q1 to 2025 Q4 and its vertical axis shows log(domestic passengers).
Conditions and method
Status: descriptive (excluded from the cross-market elasticity comparison on identification grounds).
India is excluded from the cross-market elasticity ladder because it is unresolved whether passengers and GDP share a long-run relation. Passengers dropped in 2012 Q3, and the test for such a relation passes only when that drop is allowed for. A pass of that kind cannot separate a long-run relation from a one-time drop, so the fitted coefficient (2.16) is not identified as a long-run elasticity. These charts are descriptive diagnostics only.