01 Nov 2019
India plans spending of Rs 1 trillion to develop airport infrastructure by 2024
As reported, in a bid to boost its economic growth, India is considering setting up around 100 airports by 2024 with a dedicated investment of around Rs 1 trillion towards the development of the sector. The proposal also includes the addition of 1,000 new routes which would aid in the connectivity of smaller towns and rural areas. The discussion was part of a meeting that mapped out all infrastructural needs of the country by 2025.
In tune to the current government’s ambitious USD 5 trillion economy goal, Prime Minister Narendra Modi is actively pushing forward on the required infrastructure growth that will revive the economy of the country. The proposal is reportedly being deliberated with that in the backdrop.
Reportedly, China is ahead of India in terms of its proposed airport development which amounts to 450 new airports by 2035 – estimated to be around double the number at the end of 2018.
Additionally, the country might also become home to a plane lease financing business. The proposal also lists out suggestions to increase the number of locally trained pilots to around 600 a year as well as puts forth a proposal to increase the domestic aircraft fleet by double to 1,200.
As reported, out of a total of 450 runways, only 75 were operational in the country. This was allegedly due to reluctance from flight authorities to fly on relatively older airstrips in smaller tows. The NDA led government has, however, introduced a subsidy program which partially takes care of losses faced by airlines and sets a cap on fares for remote regions. This has helped in including 38 airports that are fully functional.
Apart from this, the country is also planning to use drones. With new policy announcements, the total number of legal drones could amount to a million in the next five years. There will also be the formation of new drone corridors in the coming two years which will allow delivery of goods through drones by 2023.