New Delhi [India], May 8 (ANI): The government is actively working on a policy framework for fractional ownership in aviation and is also considering recognizing aircraft as infrastructure assets to strengthen India's aviation financing and leasing ecosystem, Civil Aviation Minister Ram Mohan Naidu said on Friday.

Addressing the India Aircraft Leasing and Financing Summit 2.0 at GIFT City in Gandhinagar, the minister said the Ministry of Civil Aviation is engaging with the Ministry of Finance to develop forward-looking aviation financing policies.

'We are continuously engaging with the Ministry of Finance also in this regard... We are trying to create a policy so that the fractional ownership also becomes a reality in our country,' Naidu said.

He added that the government is also 'looking about how to create aircraft as an infrastructure asset,' describing both initiatives as 'work in progress.'

The minister said the measures are aimed at strengthening India's aviation leasing ecosystem and positioning the country as a major player in global aviation financing.

Highlighting the government's vision for GIFT City, Naidu said India does not seek to compete with established global leasing hubs but intends to complement them.

'Gift City is not merely a competitive option for India-related leasing, but it is the natural home. What we are building at Gift City is a home for India's aviation financing needs,' he said.

Pitching GIFT City as a specialised aviation financing centre, the minister said the ecosystem offers advantages over global hubs such as Dublin, Singapore and Dubai.

Speaking at the summit, Gujarat Chief Minister Bhupendra Patel said, 'GIFT City has established itself as a distinct global fintech hub. Last year, too, GIFT City hosted this summit, and I believe the fruitful discussions then will give fresh momentum to building a developed India by 2047.'

'This summit will feature dialogue and defence discussions. Concrete outcomes and benefits from these talks will be visible in the near future,' Patel added. (ANI)