Gandhinagar (Gujarat) [India], March 7 (ANI): Gujarat Chief Minister Bhupendra Patel on Friday highlighted the state’s growing influence in the global supply chain that has attracted global Original Equipment Manufacturers (OEMs) to the state.
Further, due to its business-friendly environment, policy-driven governance, and easy access to a skilled workforce, major companies in the engineering, automotive, and aerospace sectors have established units in the state.
The Chief Minister was addressing the inauguration of the India Aircraft Leasing and Financing Summit 2025 held at GIFT City. Union Minister of Civil Aviation Kinjarapu Ram Mohan Naidu, Civil Aviation Secretary Vumlunmang Vualnam, GIFT City Chairman Hasmukh Adhia, IFSCA Chairman K Rajaraman, and prominent leaders from the aviation and aircraft sectors participated in the summit’s inaugural session, according to the Gujarat government’s statement.
Highlighting that GIFT City, developed under the leadership of Prime Minister Narendra Modi, has now gained recognition as the country’s fintech hub, CM Bhupendra Patel stated that hosting this summit at such a location will open new opportunities for the aviation sector.
He further added that, led by PM Modi, the aviation sector has witnessed significant transformations over the past decade, making India a strong pillar of the aviation ecosystem. A key policy has also been formulated to develop the Maintenance, Repair, and Overhaul (MRO) industry in the country.
CM Patel stated that PM Modi launched the UDAN scheme to make air travel accessible to the common man. He further said that the number of airports in the country has now doubled. Moreover, even tier-2 and tier-3 cities are connected through air connectivity.
The Chief Minister further added that Gujarat has benefited from the leadership and guidance of the Prime Minister for the past two and a half decades. Under his vision, the state government is accelerating airport infrastructure development. He highlighted that Gujarat currently has 19 operational airports, including two international airports, and above that, an airport with state-of-the-art infrastructure is set to be constructed in Dholera, India’s first greenfield smart city.
He also mentioned the IFSCA at GIFT City, which is capable of providing aircraft leasing and financing facilities in one place. He expressed confidence that this facility will be largely beneficial for global aviation leaders investing in India.
Speaking at the event, Union Civil Aviation Minister Kinjarapu Rammohan Naidu described the summit as a significant event, highlighting Gujarat as India’s growth engine and an emerging economic powerhouse.
He said that GIFT City, developed under PM Modi’s leadership, has now reached the level of international financial centers like Singapore and Dubai. With its business-friendly environment and exemplary ease of doing business, GIFT City stands out as a model. He lauded CM Patel’s dedicated efforts for this achievement.
The Union Aviation Minister reiterated his commitment to advancing the Prime Minister’s vision for GIFT City through a bright future for the Indian aviation sector.
The Union Minister further added that aircraft leasing is a key factor for financial innovation in the country’s growing aviation sector. He highlighted the number of operational aircraft in India, which has increased from 395 in 2014 to 829 today. Furthermore, Indian airlines have placed orders for more than 2,000 aircraft, which reflects the sector’s rapid expansion.
Referring to the projected demand in this sector by 2047, Naidu said that India is expected to have 350 operational airports handling two crore passengers annually. He further added that 50 new aviation hubs will be developed in the next five years.
Highlighting the immense growth potential in the aircraft and financial sectors, the Union Minister mentioned that IFSCA became an on-shoring hub for financial and leasing activities five years back.
He said that, with a commitment to further progress in this direction, the Government of India has introduced various tax, regulatory, and policy initiatives to support the sector’s growth.
The Union Minister stated that the state’s Government has strengthened this sector by announcing stamp duty exemptions for units established in IFSCA and the acquisition of movable properties like aircraft.
Expressing gratitude to CM Patel, he stated that such incentive measures have led to progress in aircraft leasing, with the number of aircraft leasing companies increasing from 20 in 2020 to 67 in 2023-24. Furthermore, 33 aircraft and financing companies have registered with IFSCA till January 2025.
The Union Minister clearly stated that the Prime Minister’s vision for the development of GIFT City is committed to shaping a bright future for the Indian aviation sector.
He expressed joy over the recent event in which PM Modi inaugurated the Tata Aircraft Complex in Vadodara. The production of the C-295 military aircraft marked a historic step in India’s aviation sector.
The Union Minister anticipated that, with the seamless integration of production, financing, and leasing capabilities, India will soon be capable of manufacturing civil aviation aircraft.
Hasmukh Adhia, Chairman of GIFT City, provided a detailed overview of the best infrastructure available at GIFT City, the opportunities for financial services, and emerging fields such as AI, blockchain, and others.
V Vumlunmang, Secretary of Civil Aviation, Government of India, highlighted the significant changes in the aircraft and financing sector, as well as in aviation operations and passenger services in the country.
He added that this summit will serve as a global platform bringing together policy makers, industry leaders, and global stakeholders in the aircraft leasing sector. (ANI)
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