The projects involve both upgrading and building airports in 41 cities, including six key cities, he said at the Dubai Air Show on Monday.
While airports in the metro cities of New Delhi, Mumbai, Chennai and Kolkata would be upgraded to receive the largest and latest aircraft, two new airports would be built at Bangalore and Hyderabad.
The minister said these projects would be completed in five years. Sounding bullish on the growth of the Indian aviation sector, Patel said the industry saw growth topping 25 per cent last year and reaching 30 per cent this year.
Two Indian carriers - Air India and Indian Airlines - will also go public by issuing IPOs early next year, Patel said.
On demand from new private Indian carriers for permission to operate on the lucrative Gulf sector, the minister said the current restrictions would remain in place.
"We want the country to be connected from within and the private airlines have to show consistency for five consecutive years. Then the reward is to fly overseas," he said.