Aviation sector to absorb USD 120 bn investment: PM

Thiruvananthapuram, Feb 12 (PTI) Highlighting the"unprecedented" growth being witnessed by the country in airtransport, Prime Minister Manmohan Singh today said the sectorwas projected to absorb investment of over USD 120 billion inthe coming years.

The Centre was moving on a mission-mode for creatingmodern and efficient infrastructure to cope with the hugegrowth projected for the civil aviation sector, Singh saidafter inaugurating the Rs 289 crore new International Terminalat the Thiruvanthapuram International Airport.

"I am told that projected growth of India''s aviationsector has a potential to absorb investment of over USD 120billion with the attendant job creation for lakhs of people,directly and indirectly," he said.

The roadmap laid down for modernisation of airports tooffer world-class facilities had been implemented on a missionmode, he said.

In this context, Singh noted that airports at Delhi andMumbai were restructured and modernised and two greenfieldairports developed at Hyderabad and Bangalore throughpublic-private partnership route.

The air transport in India had witnessed unprecedentedgrowth in the last seven years with domestic air traffictripling and international traffic more than doubling.

If at one time aviation was seen as relevant only foraffluent sections, it had now become a vital component ofdevelopment of trade, industry and tourism, which, in turn,generate employment for all sections, he said.

Singh said with the growth of low cost air-travel, manypassengers who used to travel only by trains now depend onflight services.

The growth of the sector was also important as the Indianeconomy was getting more and more integrated to internationaleconomy, he said.