Gandhinagar, May 8 : More than 370 aviation assets worth nearly $5.8 billion have been leased through the International Financial Services Centre (IFSC) at GIFT City, Gujarat Chief Minister Bhupendra Patel, said on Friday while addressing the India Aircraft Leasing and Financing Summit 2.0.

Speaking at the summit in GIFT City, Patel said the aviation leasing sector in India was expanding rapidly and that the IFSC had emerged as a major platform for aircraft leasing and financing activity in the country.

â??More than 370 assets have so far been leased through the IFSC operating in GIFT City, with a value of approximately 5.8 billion dollars,â?? Patel said.

He further added, â??For the growing aviation leasing industry in India, GIFT City is playing a key role as an IFSC.â??

The Chief Minister said many aviation fleets currently operating in India continued to rely on foreign leasing arrangements and stressed the need to shift leasing activity to India as part of the Centreâ??s self-reliance push.

â??For a self-reliant India, we must ensure that all such leasing takes place from GIFT City,â?? he said.

Patel said the state government had introduced a unified regulatory framework through the IFSC to improve Ease of Doing Business for aircraft leasing companies.

Referring to recent policy measures announced by the Centre, he said: "The Union Budget this year had extended the tax holiday period for aircraft leasing companies operating from GIFT City to 20 years. In the current global circumstances, under the leadership of Prime Modi, the Cabinet has recently approved â??Credit Line 5.0â?? to support the aviation sector."

He further noted that "the Prime Minister has always made efforts to ensure how our industrial sector can become more capable in any adverse situation.â??

He also referred to customs duty exemptions announced for aircraft manufacturing under the â??Make in Indiaâ?? initiative, as well as duty concessions on imports of raw materials required for manufacturing spare parts used in maintenance, repair and overhaul operations in the defence aviation sector.

According to Patel, Prime Minister Narendra Modi had opened new opportunities in aircraft manufacturing, pilot training, advanced air mobility and aircraft leasing. â??Gujarat has opportunities in all these areas of aviation,â?? he said.

Patel said the summitâ??s discussions on the aviation sector would deliver â??concrete results and benefitsâ?? in the near future and added that the deliberations held during last yearâ??s edition of the summit had contributed momentum towards the broader vision of â??Viksit Bharat at 2047â??.

The Chief Minister also highlighted Gujaratâ??s airport infrastructure expansion plans. He said: "The state currently has two international airports and 19 operational airports."

Referring to the proposed airport infrastructure in Dholera, Indiaâ??s first greenfield smart city project, Patel said it would â??accelerate not only Gujaratâ??s economy but also the countryâ??s economyâ??.

Calling on aviation industry leaders to invest in GIFT City, Patel said such investments would contribute to Indiaâ??s long-term development goals.

â??By investing in GIFT City, you are becoming participants in the ambitious development journey of building a developed India by 2047, and the Gujarat government stands with you in this journey,â?? he said.

/IANS