India will need 2,300 planes worth USD 320 bln in 20 yrs: Boeing

India will need 2,300 airplanes worth USD 320 billion in the next 20 years, aircraft maker Boeing said Wednesday.

In rupee terms the amount would be around Rs 22,45,364 crore.

As much as 85 per cent of the planes would be narrow-body and the rest would be wide-body.

The forecast is for the 2018-2037 period.

According to Boeing, India would need 1,940 single-aisle planes worth USD 220 billion and 350 wide-body aircraft valued at USD 100 billion.

Around 10 regional jets worth less than USD 1 billion would be needed during the 2018-2037 period.

"India continues to grow at a faster pace," Dinesh Keskar, Senior Vice President (Asia Pacific & India Sales) at Boeing Commercial Airplanes said here.

He also noted that aviation market in India is "quite challenging" as most airlines are not making money even as there is strong passenger growth.

India is the fastest growing domestic aviation market in the world and registered 50th straight month of double-digit growth in October.