Jewar airport work to start soon; local economy will get a boost

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The work at Jewar airport in Uttar Pradesh is in full swing. Yamuna International Airport Pvt Ltd (YIAPL) has announced that it has arranged the necessary funds to construct the international airport at Jewar in Greater Noida. This will be the second airport in the Delhi-NCR region, after Indira Gandhi International Airport. The new airport is expected to start operations by 2023.

The funding

YIAPL in a statement said that it has raised Rs 3,725 crore from the State Bank of India (SBI) in debt. As per the loan agreement, the amount is to be repaid over a period of 20 years and has a one-year moratorium after the project is completed. The company considers this as a crucial milestone for the project and has brought the date of commencement of construction closer.

YIAPL also said that other signatories in the financing agreements related to the airport are SBI, Noida International Airport Limited (NIAL) and the nodal agency of the Uttar Pradesh Government.

Impact on local economy

According to media reports, the Bhoomi puja of the airport is expected to be held after August 20. Prime Minister Narendra Modi and UP CM Yogi Adityanath are expected to be the chief guests.

UP is set to go to the polls in early 2022 and this grand infrastructure project is expected to help BJP regain its hold over the largest state in India. In addition to that, a large amount of employment will be generated once the construction begins and that will aid in enhancing the economy of the state.

With the airport coming up, the Noida authority is busy buying land parcels in the nearby areas, according to a report in The Times of India. The authority has identified sectors 162, 163 and 164. While warehousing and logistics firms will come up in sector 164, the other two sectors are earmarked for institutional, commercial and non-polluting industries.

A trauma centre and a multi-specialty hospital will also be constructed near the Jewar airport, according to a report in The Indian Express. This will further help in the infrastructure development of the region.

Modernised mode of transport

India’s first pod taxi will operate between Jewar and Noida Film City (Sector 16A), according to a media report. There are plans to run a driverless taxi service between the two points encompassing YEIDA sectors 21, 28, 29, 32, and 33. The final draft has been prepared by Indian Port Rail and Ropeway Corporation Ltd (IPRCL) and has been submitted to the Yamuna Authority. The final nod will come from the UP Government.

This is expected to help passengers as they won’t have to travel all the way to Delhi anymore.YIAPL is a subsidiary of Zurich Airport International AG (ZIAI), a Switzerland-based company that will undertake the task of developing the Jewar airport and will inject Rs 2,005 crore as equity. ZAIA is a fully owned subsidiary of Flughafen Zurich AG and the key shareholder of YIAPL.