"Indian aviation history has failed so far. Not many have made money, some airlines have gone bust..." Fernandes said.
Modi's plans to promote tourism and a favourable ruling to allow carriers to fly the international route soon could help the industry greatly, Fernandes said.
Currently, a carrier has to operate domestically for five years before being permitted to fly on international routes.
The Indian-origin Malaysian who founded the low-cost AirAsia also offered pointed advice to the Indian civil aviation ministry to set things right.
Fernandes said that reduction in aviation fuel and airport taxes would make domestic flying cheaper and act as a booster for the aviation industry.
"India with its population has a great potential as far as aviation industry. It can become the civil aviation hub of Asia," Fernandes said.