Gujarat, April 16 -- The Ministry of Civil Aviation has called on the Ministry of Finance to support the development of an aircraft leasing ecosystem at Gujarat International Finance Tec-City (GIFT City).

This move comes amid concerns over the slow progress in establishing aircraft leasing in India, a critical area for the growth of the aviation sector.

A senior government official highlighted the need for Indian banks and financial institutions to adopt global best practices for aircraft leasing.

This includes embracing asset-backed aircraft financing and establishing a robust security framework, which has been facilitated by the recent passage of the Cape Town Convention Bill.

The Cape Town Convention, a global treaty designed to pr...