Prime Minister Narendra Modi led Government of India will be spending over $10 billion to make India the 3rd biggest aviation market in the World. The money will be spent over a period of 5 years. This announcement was made by the Union Civil Aviation Secretary R N Choubey, who was addressing the Indian Aviation Summit.
Mr. Choubey said that the Government was determined to keep up the 23% growth rate that has been achieved in the Aviation sector by India. There are over 400 airstrips in India that are not used properly. Some of them have even become cattle grazing grounds and will be cleared soon by the Government. $10 billion will be spent in the next 10 years to develop the aviation infrastructure, which will let us become the third biggest aviation market in the next 7 years.
China also has an impressive growth rate for its aviation market. It stands at 14%. The reason the Government is ready to invest in this sector is because the Civial Aviation sector has now almost reached the size of the Railway Sector. The Railways turnover stands at Rs 1.6 lakh crores, while the Aivation turnover has reached 1.4 lakh crores. Also, the number of people travelling by airways and railways is almost equal.
Civil avaition is now popular and necessary and the Government aims to make regional air travel a cheaper alternative for the masses. Union Minister for Aviation, Ashok Gajapati Raju and the Union Minister for Urban Development Venkaiah Naidu were also present at the Indian Aviation Summit.