India is expected to have 190-200 airports by 2040 as passenger traffic is expected to grow by six times to 1.1 billion.
The civil aviation ministry released its ‘Vision 2040’ document, which highlights that the top 31 cities of the country will have two airports each.
Construction of new airports will require around $40bn-$50bn of investment, excluding land acquisition cost.
Second airports will still not be able to meet the burgeoning demand in high-traffic regions such as Delhi and Mumbai, according to the report.
India became the seventh largest aviation market with 187 million passengers in 2017-18. It is expected to become the third largest by 2022, competing with the US for the second place.
The fleet of aircraft of commercial airlines in the country is projected to increase from 622 airplanes in March 2018 to approximately 2,359 by March 2040.
Indian Civil Aviation Minister Suresh Prabhu was quoted by fortuneindia.com as saying: “Very soon we will be flying a commercial aircraft which will be built in India.”
“Assembly should also happen in India but it will take time. We need technology, resources, partnerships, and we need to work together.”
India will set up its own aircraft leasing industry that can manage approximately 90% of aircraft being ordered in India by 2040.
The vision document suggests India will set up a Nabh Nirman Fund (NNF) with a starting corpus of about $2bn so that the airports with lesser passenger traffic could be supported.