India to spend $12 billion on airports over next two years as travel rebounds

India to spend $12 billion on airports over next two years as travel rebounds

India will spend about 980 billion rupees ($12 billion) over the next two years on airports, with airline orders for hundreds of new planes to meet resurgent travel demand putting pressure on existing infrastructure.

The world’s fastest-growing aviation market aims to boost the number of airports to 220 by 2025 from the current 148, for which private builders will invest about $9 billion and state-run Airports Authority of India will bring the rest.

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It involves greenfield projects, new terminals and the renovation of existing facilities, including former military airfields left over from colonial times.

Though the entire country of 1.42 billion people has a fleet of only some 700 aircraft — United Airlines flies more — existing airports in major cities such as Delhi and Mumbai are running out of parking and landing slots.

The move comes as India asserts itself more broadly on the global stage, buoyed by a rising consumer base and growth in the $3.2 trillion economy on track to exceed China’s.

The country has already been making its mark in aviation, with Air India Ltd. last month announcing the biggest deal in commercial aviation history. Boeing and