India’s Airport Sector can witness a huge boost in the upcoming years all thanks to the latest announcement by the center. The secretary of Union Civil Aviation Rajiv Bansal has made an announcement stating that India’s airport sector can expect an injection of Rs 90,000 crores in the period of the next five years starting from 2020-21. Out of these Rs, 68,000 crores are expected to be infused by the private players. The high cash investment is much needed for the industry after it was devastatingly impacted by the coronavirus pandemic.
The Plan to Expand the Industry
Currently, India has 136 operational airports and the sources suggest that government wants to open and operate 220 airports over the period of the next five years including heliports. To give this boost government has decided to infuse Rs 90,000 crores in the sector in the next five years. Airport Authority of India (AAI) will invest somewhere around Rs 20,000- Rs 22,000 crores and the rest Rs 68,000 crores are expected to be invested by the private players.
In light of these, PM Narendra Modi recently inaugurated the Noida International Airport. The government is also planning to open an airport in Mopa, Goa by next year and an aerodrome in Navi Mumbai. The Civil Aviation Minister Jyotiraditya Scindia has also said in a statement that the government is planning to double the number of airports in the country by the end of 2023-24.
It is to be noted that, the Indian aviation industry has seen a significant recovery since June of this year after getting devastated by the impacts of Covid-19. Moreover, airlines have been able to operate on 100% capacity as they used to in pre-covid times. This has given them an opportunity to capitalize on the festival season which has surged the travel demand in the country.
The month of November has brought a big sigh of relief for the aviation sector of India as the country witnesses the daily domestic air traffic reach closer to what it was pre-covid.