President asks world to invest in India

President asks world to invest in India

Hyderabad air show: 'By 2020, India will be 3rd largest civil aviation market'

President asks world to invest in India

Kick-starting the fifth edition of 5-day biannual Civil Aviation show here on Wednesday President Pranab Mukherjee has called upon world players to explore the possibilities for long-term strategic partnerships for manufacturing, maintenance, repair and operations in the aerospace industry of India.

The India Aviation 2016 is the confluence of industry leaders of the civil aviation sector from India and across the globe.

It is an initiative of the government in collaboration with FICCI and other stakeholders to showcase the latest innovations in aerospace technology from across the globe. More than 200 participants from India and 25 foreign countries are participating.

Addressing the inaugural function at the Begumpet Airport the President said India is one of the fastest growing economies of the world and is expected to be amongst the top three manufacturing destinations by 2020.

“It is estimated that by 2020, India will be the third largest civil aviation market. With a network of domestic and 85 international airlines connecting 40 countries, Indian airports handled passenger traffic of 190 million persons in 2015. Yet India is one of the least penetrated air-markets in the world,” he added.

Stressing on the need for further expansion at domestic front he said that several Tier II and Tier III cities in India still remain unconnected or inadequately connected with the national grid.

“The consistent increase in income levels of the middle class in India has enhanced their capacity to undertake air travel for business and leisure. This has resulted in further growth in the business of low cost airlines. By 2020, the total passenger traffic in India is likely to touch 421 million,” the President said anticipating a major thrust in civil aviation sector. The President has said that India shall require at least 800 aircraft by 2020 to cater to the ever increasing demand.

The supporting aviation infrastructure has to be suitably upgraded by building new greenfield airports; expanding the existing airports and upgrading facilities for maintenance, repair and operations.

He declared that the government is planning to invest over 120 Billion US$ in the development of airport infrastructure and aviation navigation services over the next decade.

Earlier, Rajiv Narayan Choubey, Secretary Civil Aviation has said that Indian civil aviation sector has grown by 30-35% compared to last two years and 20% growth in domestic sector is unparallel anywhere in the country: India has arrived and no one can afford to neglect India anymore,” he said Civil Aviation Minister Ashok Gajapati Raju, Telnagana and AP Governor ESL Narasimhan, Telangana Chief Minister K Chandrasekhar Rao and FICCI President Harshavardhan Neotiya were also present.

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