The aviation industry, after undergoing the hiatus due to Covid-19, has started displaying signs of growth and vast potential. By 2026, the Indian leasing market is expected to increase 4.8 times of its value in 2018, making India the third largest aviation market in the world. Moreover, around 80 per cent of the total commercial aircrafts are leased in India due to various reasons like price sensitivity of infrastructure and consumers, financial fragility and operational incentives.
Another reason for airlines looking for lessors abroad is scarcity of proper leasing companies in India. Finding lessors locally will help in ascertaining favourable terms and conditions, thus helping the lessees. It will also give a major boost to the economy, leading to increased GDP and better retention of financial business and services.
The Ministry of Civil Aviation, Government of India made 'Project Rupee Raftar' a working group for development of avenues for aircraft financing and leasing activities. The aim behind the constitution of this committee was to develop a strong and indigenous leasing and financing structure. The group had aviation experts, lawyers and financial institutions to ponder on policy and implementation issues. On 20 December 2019, the International Financial Services Centre Authority Act (IFSCA) was enacted by the Parliament to establish an IFSC Authority. As a result, Gujarat International Finance Tec-City (GIFT City) came into existence.
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