India is charting a course to emerge as a global hub for ship ownership, leasing and maritime finance, with GIFT City in Gujarat positioned as a key platform for building a comprehensive maritime financial ecosystem, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said on Thursday.
Addressing the India Ship Leasing and Financing Summit at GIFT City, organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways, Sonowal said the country was moving towards an integrated maritime ecosystem covering ship leasing, ownership, financing, insurance, brokering and related services.
GIFT City emerging as maritime finance hub
Sonowal highlighted India’s long maritime history, tracing it to the Indus Valley Civilisation and the ancient port of Lothal in Gujarat.
He said GIFT City was now poised to become a global maritime hub and a launchpad for the next phase of India’s maritime growth.
India currently has 38 registered ship lessors, collectively leasing 43 vessels, with total leasing capacity exceeding 2.99 million DWT. Of these, 24 vessels fly the Indian flag.
The Minister also said 41 domestic and international banks have established operations in the IFSC and have extended nearly USD 60.1 million in funding to ship-leasing entities. The opening of the Directorate General of Merchant Shipping’s (DGMS) first regional office in GIFT City is expected to further strengthen the ecosystem for shipowners and operators.
Reforms to boost vessel ownership
Sonowal outlined key reforms aimed at making India’s shipping sector more competitive globally.
These include exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels operating on charter, as well as permission for shipping companies based in GIFT IFSC to own foreign-flag vessels.
He said the latter represented a shift in measuring India’s fleet—from vessels flying the Indian flag to the overall tonnage that Indian entities own and control.
₹25,000 crore Maritime Development Fund
The Minister highlighted the government’s financial support for the maritime sector, including the ₹25,000 crore Maritime Development Fund, which is expected to catalyse investments of up to ₹1.5 lakh crore by 2030.
He also cited the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0, with a revised outlay of ₹24,736 crore extended to 2036, aimed at strengthening Indian shipyards and supporting vessel ownership.
Sonowal said these measures are aligned with the Maritime India Vision (MIV) 2030 and Maritime Amrit Kaal Vision (MAKV) 2047, which seek to expand India’s fleet, strengthen port capacity and coastal shipping and position India among the world’s top five shipbuilding nations.
India’s growing maritime footprint
The Minister also highlighted India’s position as the world’s largest ship recycling nation. India’s share of global ship recycling tonnage increased from 30.1% in 2024 to 35.4% in 2025, he said.
The summit brought together policymakers, shipowners, lessors, charterers, financiers and other maritime stakeholders to discuss measures for developing a comprehensive ship ownership, leasing and financing ecosystem in India.
MoPSW Secretary Vijay Kumar, IFSCA Chairperson K. Rajaraman and Gujarat Ports and Transport Principal Secretary Hareet Shukla were among those present.
