UPDATE 1-Boeing to deliver $17 bln of planes to India in 5 yrs

* To compensate Jet Airways and Air India for 787 delay

* Sees delivery of 100 plans in India over 5 years

* Sticks to forecast of India needing 1,001 planes in 20 yrs (Adds details, quotes, byline)

By Sumeet Chatterjee

BANGALORE, March 31 (Reuters) - U.S. aircraft maker Boeing Co (BA.N) will deliver 100 planes worth $17 billion over the next four to five years in India, the president of its Indian operations said on Tuesday.

"We clearly want to extend our footprint in India," Dinesh Keskar, president of Boeing India, told reporters at the launch of Boeing's research and technology centre in the southern city of Bangalore.

Last year Boeing had projected India would need 1,001 aircraft worth more than $105 billion over the next 20 years and Keskar said the forecast was still valid despite an economic downturn.

Boeing has not seen any cancellation of its order for civilian aircraft from Indian airlines, though Jet Airways (JET.BO) deferred the order of two aircraft last year, he said.

Boeing, which also competes for defence projects in Asia's third-largest economy, and European rival Airbus (EAD.PA) have seen new orders for planes slump as many major economies have slid into recession.