Jewar Airport Agreement: All You Need to Know
In a landmark agreement, the Uttar Pradesh government signed a Memorandum of Understanding (MoU) with Zurich Airport International AG to develop the Jewar Airport in the state. This agreement has come as a major boost to the aviation sector in India, providing a much-needed impetus to the government`s ambitious plan of developing new airports across the country. In this article, we will take a closer look at the Jewar Airport agreement and its significance for India`s aviation industry.
What is Jewar Airport?
Jewar Airport is a proposed international airport, which will be the second airport for Delhi NCR (National Capital Region). It is located in Jewar, a town in the Gautam Buddha Nagar district of Uttar Pradesh. The airport will be built on a 5,000-hectare land area, which is almost five times the size of the Indira Gandhi International Airport in Delhi. The airport will have four runways and is expected to handle around 70 million passengers annually in its first phase.
Why is the Jewar Airport agreement significant?
The Jewar Airport agreement is significant for several reasons. First, it will provide a much-needed boost to the aviation sector in India, which has been hit hard by the COVID-19 pandemic. The construction of the airport will create thousands of jobs, providing a much-needed stimulus to the economy. Second, it will help decongest the existing Indira Gandhi International Airport, which is operating at full capacity. The Jewar Airport will provide an alternative for the rapidly growing passenger traffic in the Delhi NCR region. Third, the airport will be a major step towards making India a global aviation hub. It will improve connectivity and provide a world-class airport facility, which will enhance India`s image as a modern and progressive country.
What are the key features of the Jewar Airport agreement?
Under the agreement, Zurich Airport International AG will hold a 100% stake in the special purpose vehicle (SPV) that will be formed for the development of the airport. The Uttar Pradesh government will provide all necessary infrastructure, including land, for the project. The airport is expected to generate an estimated revenue of Rs 1.5 lakh crore (USD 21 billion) over the next 40 years and create more than one lakh jobs.
What are the challenges and opportunities for the Jewar Airport project?
The Jewar Airport project faces several challenges, including environmental clearances, land acquisition, and coordination with multiple government agencies. However, the project also presents several opportunities for investors, including the potential for real estate development, tourism, and ancillary services.
Conclusion
The Jewar Airport agreement marks a significant step forward in India`s aviation industry. The airport will provide a world-class facility, create thousands of jobs, and help decongest the existing airport in Delhi. With its massive size and excellent connectivity, the airport has the potential to become a major hub for aviation in the region. While the project faces several challenges, the opportunities it presents far outweigh them. With the Jewar Airport, India is poised to become a major player in the global aviation industry.