Indian aviation industry will attract $150 billion investment in 10 years: Patel
26 September 2007
India's civil aviation industry will attract investments worth more than $150 billion in the next 10 years, civil aviation minister Praful Patel has said. At a meeting about the modernisation of the Netaji Subhas Chandra Bose International airport in Kolkata, Patel said Rs2,000 crore ($504 million) would be invested in the first phase for upgrading the airport. The Airport Authority of India (AAI) would carry out the work.
"Developing the infrastructure, upgrading manpower, establishing communication systems and navigation facilities in the airport are the key areas where India's aviation sector needs investment. A new civil aviation policy is also underway, focusing on the developmental aspects," Patel told reporters on Friday 21 September.
He said the group of ministers (GoM), constituted to review the new civil aviation policy, is also looking at issues of infrastructure development and aircraft fleet requirement in the next five years. "India will be the fourth country in the world to have a satellite-based navigation system in the aviation sector," the minister said.