Aviation sector to absorb USD 120 bn investment: PM
Highlighting the unprecedented growth being witnessed by the country in air transport, Prime Minister Manmohan Singh today said the sector was projected to absorb investment of over USD 120 billion in the coming years.
February 18, 2011 / 18:38 IST
Highlighting the unprecedented growth being witnessed by the country in air transport, Prime Minister Manmohan Singh today said the sector was projected to absorb investment of over USD 120 billion in the coming years, reports PTI.
The Centre was moving on a mission-mode for creating modern and efficient infrastructure to cope with the huge growth projected for the civil aviation sector, Singh said after inaugurating the Rs 289 crore new International Terminal at the Thiruvanthapuram International Airport.
"I am told that projected growth of India''s aviation sector has a potential to absorb investment of over USD 120 billion with the attendant job creation for lakhs of people, directly and indirectly," he said.
The roadmap laid down for modernisation of airports to offer world-class facilities had been implemented on a mission mode, he said. In this context, Singh noted that airports at Delhi and Mumbai were restructured and modernised and two greenfield airports developed at Hyderabad and Bangalore through public-private partnership route.
The air transport in India had witnessed unprecedented growth in the last seven years with domestic air traffic tripling and international traffic more than doubling.
If at one time aviation was seen as relevant only for affluent sections, it had now become a vital component of development of trade, industry and tourism, which, in turn, generate employment for all sections, he said.
Singh said with the growth of low cost air-travel, many passengers who used to travel only by trains now depend on flight services. The growth of the sector was also important as the Indian economy was getting more and more integrated to international economy, he said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
