This is an advertising for their airline but also for Kassel ceiling fans from an company in Bombay (now know as Mumbai) called Bajaj Electricals Limited. Indian Airlines had been known to provide novelty/souvenir hand fans to it's passengers so there's a little irony in providing a hand fan advertising a ceiling fan. Plus, you have to admire the creative art.
Indian Airlines began in 1953 and this is the logo used up until the late 60s so this is likely from the early to mid 60s.
Condition is very good especially for the age - there are a few small white spots, very light surface wear and those pointed parts of the fan are a little creased. However, great color and very aesthetically pleasing.
Approx. 9-1/4" x 9-1/4" - made of a thicker paper material and has a light gloss finish.