50 more airports in next 5 years; strong ecosystem for aircraft financing, leasing needed: Naidu
Representative image
Fuelled by the UDAN scheme and doubling of India’s airports in 10 years, India has become the 3rd largest domestic aviation market in the world, the minister said.
During his address at the India Aircraft Leasing and Financing Summit in Gujarat, the Union Minister of Civil Aviation Kinjarapu Ram Mohan Naidu stated that by 2047, the Government is planning to build 350 airports out of which 34 will function as mega airports handling two crore passengers annually. The vision also includes the planning to build 50 more airports in the next five years, said Naidu.
“The UDAN scheme is also extended for another 10 years which will connect four crore passengers in the country along with creating 120 new destinations in India.” He urged to create a strong ecosystem for aircraft financing and leasing in the country to become globally competitive.
The Minister further stated that aircraft leasing is a key financial innovation that India’s growing civil aviation sector needs. “Fueled by the UDAN scheme and doubling of India’s airports in 10 years, India has become the 3rd largest domestic aviation market in the world,” he emphasised.
Naidu was speaking during the inaugural session an event jointly organised by Union Ministry of Civil Aviation, Federation of Indian Chambers of Commerce & Industry (FICCI) with the support of the International Financial Services Centre Authority (IFSCA), at Gandhinagar in Gujarat.
Naidu also shared that the GIFT City represents a transformative opportunity to bring home the values created by India’s civil aviation industry. Naidu, said that today, the GIFT City is comparable with any global financial centers. He emphasised that we are not trying to compete with anyone only complement the global centre. “The idea is that we should not miss out on the huge opportunity due to the large market which can accommodate more such players. GIFT City will give India’s aviation sector the further required confidence, commitment and collaboration to develop a competitive aircraft leasing hub,” he added.
Addressing the gathering, Gujarat Chief Minister Bhupendra Rajnikant Patel, said that GIFT City has today established itself as the Fintech hub of India; at such a time, this Summit will prove to be important for the development of the aviation sector and Aircraft Leasing & Financing and towards India’s self-reliance in the aviation sector.
The Chief Minister further added that due to the changes in the aviation sector in the last ten years, a strong aviation ecosystem has been created in India today. “Our government is determined to make Gujarat the leader in the aviation sector. We are committed to providing the necessary production capacity, adequate infrastructure and encouragement to the industry for the development of the aviation sector,” he said.