Gujarat: Gujarat Chief Minister Bhupendra Patel announced that more than 370 aviation assets worth around $5.8 billion have been leased through the International Financial Services Centre (IFSC) at GIFT City.
Speaking at the India Aircraft Leasing and Financing Summit 2.0, he said GIFT City is rapidly becoming a key global hub for aircraft leasing and financial services.
GIFT City Driving India’s Aviation Finance Growth
The Chief Minister highlighted that India’s aviation leasing sector is expanding quickly, and the IFSC at GIFT City is playing a central role in this growth.
He said, “For the growing aviation leasing industry in India, GIFT City is playing a key role as an IFSC,” emphasizing its importance in attracting global aviation finance companies.
Push for Self-Reliant Aviation Ecosystem
Patel stressed the need for India to reduce dependence on foreign leasing arrangements.
He stated that to achieve self-reliance, all aircraft leasing activities should ideally be routed through GIFT City, aligning with India’s broader economic vision of self-sufficiency.
Policy Support and Tax Benefits Boost Sector
The Chief Minister pointed to strong government support for the sector, including:
- 20-year tax holiday extension for aircraft leasing companies in GIFT City
- Approval of Credit Line 5.0 to support aviation growth
- Customs duty exemptions under the Make in India initiative
- Duty relief for aviation maintenance and manufacturing inputs
These measures are aimed at strengthening India’s aviation financing ecosystem and boosting domestic capabilities.
India’s Aviation Expansion and Future Opportunities
Patel noted that Prime Minister Narendra Modi’s leadership has opened new opportunities in:
- Aircraft manufacturing
- Pilot training
- Advanced air mobility
- Aircraft leasing and financing
He said Gujarat is well-positioned to benefit from all these emerging aviation sectors.
Strong Airport Infrastructure Growth in Gujarat
The Chief Minister also highlighted Gujarat’s expanding aviation infrastructure:
- 2 international airports
- 19 operational airports
- Upcoming Dholera greenfield airport project, expected to boost economic growth significantly
He said this infrastructure expansion will strengthen both Gujarat and India’s economy.
GIFT City as a Global Financial Gateway
At the summit, industry leaders emphasized that GIFT City—developed under the vision of Prime Minister Narendra Modi—has become India’s gateway to global financial markets.
With Indian airlines expected to add over 500 aircraft in the next five years, leasing is expected to play a crucial role in fleet expansion without heavy capital burden.
Outlook for the Aviation Leasing Sector
Participants at the summit expressed confidence that ongoing discussions and policy support will further strengthen India’s position in global aviation finance.
The overall direction highlighted at the event is clear: India aims to establish itself as a leading global hub for aircraft leasing, with GIFT City at the center of this growth.
Vision for “Viksit Bharat 2047”
Patel said discussions at the summit would contribute to India’s long-term development vision of “Viksit Bharat @2047”, aiming to position India as a global aviation and financial services leader.
He invited global investors to invest in GIFT City, stating that such participation will help shape India’s journey toward becoming a developed nation.
