Gujarat, July 12 -- India's aviation sector is set to gain a major boost with Gujarat's GIFT City emerging as a key hub for aircraft leasing.

According to industry estimates, GIFT City could unlock a $5 billion opportunity over the next 10 years, helping India reduce its dependence on foreign lessors and strengthening its position in global aviation finance.

Currently, nearly 70% of aircraft operated by Indian carriers are leased, mostly through global hubs like Ireland, Singapore, and Hong Kong. These arrangements often expose Indian airlines to foreign currency risks, higher leasing costs, and regulatory challenges.

By shifting leasing operations to GIFT City's International Financial Services Centre (IFSC), Indian airlines can benef...