The world's largest aerospace company says India will need more than 1,300 new passenger airplanes over the next two decades to meet the demands of the country's growing economy.

U.S. firm Boeing on Wednesday forecast that India's commercial carriers will need 1,320 planes, worth $150 billion, through 2030.

The head of Boeing in India, Dinesh Keskar, says both India's air travel and air cargo markets will expand to accommodate robust growth with “new economic prosperity amongst a massive Indian population.”

The Chicago-based company says India's passenger traffic may grow 8.1 percent a year over the long-term.

The number of passengers taking flights in India is expected to hit 180 million annually in 20 years.