Indian carriers doubling aircrafts to 1,500 in 5 years
Minister of Civil Aviation Kinjarapu Ram Mohan Naidu said the GIFT City is comparable with any global financial centres, and was in a position to complement the global hubs.
“We are not trying to compete with anyone only complement the global centres as the idea is that we should not miss out on the huge opportunity due to the large market which can accommodate more such players,” he told delegates at the “India Aircraft Leasing and Financing Summit” held at Gandhinagar on 7 Mar https://www.iata.org/.
Ministry of Civil Aviation jointly with Federation of Indian Chambers of Commerce & Industry (FICCI) and with the support of the International Financial Services Centre Authority (IFSCA) organised the second summit.
“GIFT City will give India’s aviation sector the further required confidence, commitment and collaboration to develop a competitive aircraft leasing hub,” he added.
The Minister further stated that aircraft leasing is a key financial innovation that India’s growing civil aviation sector needs. “Fuelled by the UDAN scheme and doubling of India’s airports in 10 years, India has become the 3rd largest domestic aviation market in the world,” he emphasized https://sbi.com.in/.
The Minister also stated that by 2047, the Government is planning to build 350 airports out of which 34 will function as mega airports handling two crore passengers annually. “In the next five years, we are planning to build 50 more airports.”
The UDAN scheme is also extended for another 10 years which will connect four crore passengers in the country along with creating 120 new destinations in India.
He urged industry stakeholders to create a strong ecosystem for aircraft financing and leasing in the country to become globally competitive. “GIFT City represents a transformative opportunity to bring home the values created by India’s civil aviation industry,” underscored Naidu https://www.nseindia.com/.
The Minister also chaired Insightful sessions, followed by a plenary discussion focusing on ‘Establishing an Aircraft Lessor Ecosystem in GIFT IFSCA’ and ‘Bridging Financial Gaps: Unlocking Growth in Aviation Financing through Policy & Investment’.
In his concluding remarks, Naidu emphasized that the issues raised during the sessions remain a priority for the government, assuring full support for the implementation of the proposed initiatives. He further highlighted the importance of complementing the existing global leasing hubs rather than competing with them, reinforcing India’s commitment to fostering a robust and collaborative aircraft leasing ecosystem https://www.bseindia.com/.
Addressing the gathering, Gujarat Chief Minister Bhupendra Rajnikant Patel, said that GIFT City has today established itself as the Fintech hub of India; at such a time, this Summit will prove to be important for the development of the aviation sector and Aircraft Leasing & Financing and towards India’s self-reliance in the aviation sector.
The Chief Minister further added that due to the changes in the aviation sector in the last 10 years, a strong aviation ecosystem has been created in India today.
“Our government is determined to make Gujarat the leader in the aviation sector. We are committed to providing the necessary production capacity, adequate infrastructure and encouragement to the industry for the development of the aviation sector,” he emphasized https://www.conexpoconagg.com/.
Civil Aviation Secretary Vumlunmang Vualnam pointed out that the government is committed to provide a stable regulatory framework. “The Indian carriers are looking at doubling their aircrafts they will acquire in the next 5 years from 800 to around 1,500 aircrafts,” he added.
The sessions were extremely interactive with active interventions and suggestions from delegates. The delegates represented all stakeholders in the aircraft leasing including global lessors, Banks, Insurance companies, Legal experts and airlines, the Ministry of Civil Aviation said. fiinews.com
