Beyond Carbon: Multi-Dimensional Sustainability Performance Metrics for India’s Aviation Industry

India’s aviation sector, crucial for connectivity, economic growth, and national integration, faces sustainability measurement challenges focused solely on carbon emissions. This study proposes the Aviation Sustainability Performance Index (ASPI-India), spanning four pillars: Environmental Stewardship, Social Responsibility, Governance Maturity, and Economic Resilience. Measurable indicators are derived from regulatory filings, commercial flight databases, geospatial tracking, and targeted surveys. Data sources include DGCA safety audits, AAI operational statistics, ADS-B flight path data, and passenger satisfaction surveys from 2010 to 2024. Fixed-effects panel models link ASPI-India to operational and financial outcomes like load factor stability, CASK, and credit rating resilience. Quasi-experimental designs exploit policy shocks through difference-in-differences estimation. Factor analysis validates the four-pillar structure, and robustness checks compare entropy, PCA, and equal weighting. Results show that a one-standard-deviation increase in ASPI-India improves load factor stability, ancillary revenue share, and credit terms, especially for carriers with diversified route networks. The framework provides actionable insights for airlines, regulators, and investors to embed sustainability in aviation management.