Civil aviation minister Praful Patel on Friday said the airline industry in India has grown by 400% in a short span of about six-and-a-half years.
"Civil aviation in India since 2004 and now has grown by 400% in the span of about six-and-a-half years," he said while presiding over a foundation stone laying ceremony for the Kannur International Airport at Mattannur.
He said in 10 years Indian market will be the third largest aviation market after the US and China.
Earlier this week, world aviation industry body International Air Transport Association had said that powered by emerging economies like China and India, carriers in the Asia-Pacific region will post highest profit ever of $7.7 billion in 2010, overtaking airlines in North America and Europe.
The foundation stone for Kannur International Airport was laid by Kerala chief minister V S Achuthanandan.
Complimenting the people, who had given up land for the project, he said the rehabilitation package for the people was one of the best and will be a 'model' in the country.
The 26% of equity will be with the government, 23% with public sector undertakings, two% with other institutions promoted by the Government and 49% with the private individual and institutions, he said
Kerala has another airport, the Cochin International Airport Limited (CIAL), under the public-private participation.