India plans to invest $120 billion in airport infrastructure: President

India is planning to invest over $120 billion in the development of airport infrastructure and aviation navigation services over the next decade, said President Pranab Mukherjee. He said the civil aviation sector is poised for a faster and sustainable growth with the development of 100 smart cities; new economic corridors; over 50 airports and expansion of existing ones. ‘The deeper air penetration to smaller cities; better connectivity to north-eastern part of India; and higher disposable incomes of the middle class of India is expected to further propel the growth of Indian civil aviation industry,’ he said. Mukherjee noted India registered a growth of 14 per cent in civil aviation in the last decade. With FDI in air transport in the last 15 years touching $570 mln, he said India continues to be a favourite destination for foreign investors.