Cost advantage

Producing the same thing more cheaply than anyone else, durably.

A low-cost airline operating at ₹2.45 per available seat kilometre against a competitor's ₹2.90 has a 45 paise structural advantage, which in an industry with a 20 paise margin is decisive.

Durability is the whole question. Advantages from process, scale and location tend to last; advantages from a temporary input contract or a subsidy do not, and advantages from paying people less last only until the labour market moves.

The unit cost measure of the sector is where this is proved. Find it and track it across a decade.