India's Aircraft Leasing Hub Takes Off at GIFT City

India's aircraft leasing hub at GIFT City, Gujarat, has leased 200 planes, boosting the country’s aviation sector, Civil Aviation Minister Ram Mohan Naidu announced. With 1,700 aircraft orders in place, the government aims to reduce leasing costs by 8-10% by ratifying the Cape Town Convention. This move is expected to lower airfares. Naidu highlighted the open-sky policy and rising competition, which could further bring down tariffs. He noted that airfares remain dynamic, influenced by seasonality, fuel costs, and competition. The Directorate General of Civil Aviation (DGCA) monitors tariffs but does not regulate them, allowing airlines to set fares based on market conditions.