The fast expanding aviation sector of India can absorb as much as $120 billion in investment by the year 2020, Civil Aviation Secretary Madhavan Nambiar has said.
"As per the reports, Indian aviation sector has the potential to absorb up to $120 billion of investment by 2020. Analysts predict that domestic traffic can reach 160-180 million by 2020, with the international traffic in excess of 50 million," Nambiar said in his keynote address to the US-India Aviation Partnership Summit in Washington on Tuesday.
The summit is being attended by some 200 corporate leaders from the sector from both the countries.
"Airport infrastructure in India is the one area which has huge opportunity for the investors. The airport upgrade action and modernisation plan, launched by Government of India, will see an investment of approximately $10 billion by 2010," he said.
Nambiar said the Indian aerospace industry is one of the fastest-growing aerospace markets in the world driven by continued economic growth resulting in growing passenger traffic and domestic aircraft demand.
"As per the estimates, Indian civil aircraft market is valued at $90 billion involving sale of 1000 aircraft during the period 2008-20. At present, the sector has around 407 aircrafts with almost the same number on order as well," he said.