Air India is placing orders for 470 Boeing and Airbus aircraft to keep up with surging demand for increased mobility in a nation with a swelling middle class. It is Boeing’s third largest sale of all time, in dollar value, and its second of all time in quantity, and has India’s prime minister predicting that the country will soon be the third largest aviation market in the world.

Air India is ordering 220 Boeing aircraft valued at US$34 billion. The orders include 190 737 Max aircraft, 20 of Boeing’s 787s, and 10 of its 777Xs. The purchase also includes customer options for an additional 50 737 MAXs and 20 of its 787s, totaling 290 airplanes for a total of $45.9 billion at list price.

Air India on Tuesday put in an order for 250 Airbus passenger jets. The airline is buying 40 wide-body A350 Airbus aircraft and another 210 narrow-body A320neo planes. The Toulouse, France-based plane maker did not disclose financial terms of the deal, which could be worth tens of billions of dollars.

“Today is a historic moment for India, for Air India and for Airbus,” Airbus CEO Guillaume Faury said in the video call. The size of the order “demonstrates the appetite for growth in the Indian aviation industry. It’s the fastest growing in the world.”

Air India, India’s largest international carrier and second-largest domestic carrier, is seeking to reinvent itself by expanding its operations and modernizing its fleet and compete against India’s dominant carrier, IndiGo.

The A350s will be used to “fly all ultra long distance across the globe.” Single-aisle A320s are typically used on short-haul routes.

“India is going to be the world’s third-largest market in the aviation sector,” Indian Prime Minister Narendra Modi said.

Over the next 15 years, it’s estimated that India will need more than 2,000 aircraft and “today’s historic announcement will help in meeting this growing demand,” he said.

Air India is being integrated with Vistara, which it jointly runs with Singapore Airlines, and with Air Asia India, which it runs with Malaysian discount operator Air Asia.