Gandhinagar (Gujarat) [India], May 8 (ANI): Gujarat Chief Minister Bhupendra Patel inaugurated the India Aircraft Leasing and Financing Summit 2.0 held at GIFT City, jointly organised by the Ministry of Civil Aviation, IFSCA, and FICCI, the release said.

CM Patel stated that GIFT City's International Financial Services Centres Authority (IFSCA) is playing a vital role in strengthening the aircraft leasing industry in the country.

In the presence of Union Civil Aviation Minister Kinjarapu Rammohan Naidu, aviation industry leaders, policymakers, and stakeholders from India and abroad are participating in the summit.

During the commencement of the summit, various MoUs were signed among Air India, IndiGo, Star Air, Bank of India, International Financial Services Centres Authority, and Akasa Air for new partnerships and investments in the civil aviation sector. Furthermore, FICCI's knowledge report was also unveiled.

On this occasion, CM Patel stated that GIFT City, developed under the visionary leadership of Prime Minister Narendra Modi, has earned recognition as the country's fintech hub. He added that the summit aims to strengthen the aviation financing ecosystem by expanding the role of GIFT City's IFSCA in the aircraft leasing and financing sector and by implementing global best practices at the local level.

Gujarat CM also stated that a unified regulatory framework has been established through the International Financial Services Centres Authority to ensure greater ease of doing business for the aircraft leasing industry.

CM also highlighted the tax holidays and various incentives announced in this year's Union Budget under the guidance of the Prime Minister to enhance the global competitiveness of GIFT City IFSC.

Expressing confidence that Gujarat will emerge as a leader in the aviation industry as well as the aircraft leasing and financing sector, he stated that more than 370 assets have so far been leased through the International Financial Services Centres Authority operating in GIFT City.

CM urged the industry leaders participating in the summit that their collaboration with GIFT City's International Financial Services Centres Authority would accelerate Prime Minister Shri Narendra Modi's vision of building a Viksit Bharat @2047.

While describing GIFT City as the 'brainchild' of Prime Minister Narendra Modi and India's gateway to global financial markets, Union Civil Aviation Minister Shri Kinjarapu Rammohan Naidu stated that, with the support of the Government of Gujarat, GIFT City has today emerged as one of Asia's most dynamic financial centres and a key gateway connecting India to global financial markets.

Comparing GIFT City with international hubs such as Dublin, Singapore, and Dubai, he stated that a robust ecosystem for aircraft leasing and financing has been established in GIFT City, which will play a significant role in strengthening India's Atmanirbharta in the aviation sector.

He added that India's aviation sector offers aircraft leasing opportunities worth nearly 50 billion dollars over the next decade, and the country is now progressing towards becoming not just a 'consumer' of global finance, but also an 'architect' of it. He further stated that India is poised to emerge as the world's third-largest civil aviation market by 2035, with an estimated fleet of around 2,250 aircraft.

The Minister emphasised the need to focus not only on large aircraft leasing but also on the leasing of 40 to 100-seater aircraft, helicopters, and seaplanes to strengthen regional connectivity. He announced that seaplane operations will soon commence in Lakshadweep. He further stated that the government is actively working on progressive policy initiatives such as 'fractional ownership' and granting aircraft the status of 'infrastructure assets.

Secretary of the Ministry of Civil Aviation, Samir Kumar Sinha, stated that the summit would prove to be a decisive step towards making India Atmanirbhar in the aviation sector. He noted that currently, more than 80 per cent of the aircraft operated by Indian airlines are leased from foreign jurisdictions such as Dublin, Singapore, and Dubai. He added that the government's objective is to establish India not merely as an aviation market, but also as a global aircraft financing jurisdiction.

IFSCA Chairman K Rajaraman stated that under the visionary leadership of Prime Minister Narendra Modi, India has today emerged as the world's third-largest domestic aviation market. Lauding the development of metro connectivity and world-class infrastructure in GIFT City with the support of Chief Minister Bhupendra Patel, he said that while there was not a single leasing unit in 2020, today more than 40 aircraft lessors are operating in GIFT City. He further added that leasing transactions involving more than 200 aircraft and 84 engines have been completed.

Chairman of the FICCI Civil Aviation Committee and Managing Director of Airbus India, Jurgen Westermeier, delivered the occasional address. At the beginning of the programme, Senior Economic Advisor in the Ministry of Civil Aviation, Shri Amit Ray, delivered the welcome address.

Senior officials from the Ministry of Civil Aviation, aviation experts, policymakers, industry leaders, and investors from India and abroad were present at the summit. (ANI)