India Targets Global Hub Status for Ship Finance
Sonowal highlights GIFT City’s role in expanding ship ownership, leasing and maritime finance
- Sarbananda Sonowal outlined India’s ambition to build a comprehensive maritime finance ecosystem.
- GIFT City is emerging as a platform for ship leasing, ownership, financing and insurance.
- India now has 38 registered ship lessors leasing 43 vessels with over 2.99 million DWT capacity.
- A ₹25,000 crore Maritime Development Fund aims to catalyse investments of up to ₹1.5 lakh crore by 2030.
GG News Bureau
Gandhinagar, 11th Sept: Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said India is charting a course to become a global hub for ship ownership, leasing and maritime finance, with GIFT City emerging as a key platform for the country’s maritime ambitions.
Sonowal was the chief guest at the India Ship Leasing and Financing Summit, organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways at GIFT City in Gandhinagar.
The summit brought together policymakers, shipowners, lessors, charterers, financiers and other maritime stakeholders to discuss the development of an integrated ecosystem covering ship ownership, leasing and financing.
Recalling India’s maritime heritage, including the ancient port of Lothal, Sonowal said GIFT City can become a global maritime hub encompassing ship leasing, ownership, financing, insurance, brokering and related services.
He said India’s ship leasing ecosystem has expanded to 38 registered ship lessors leasing 43 vessels, with total leasing capacity exceeding 2.99 million DWT. Of these, 24 vessels now fly the Indian flag.
The Minister 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 first regional office in GIFT City is expected to further strengthen the ecosystem for shipowners and operators.
Sonowal highlighted reforms aimed at improving the competitiveness of Indian shipping. These include exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels on charter and permission for shipping companies based in GIFT IFSC to own foreign-flag vessels.
He said the reforms represent a shift from measuring India’s fleet only by vessels flying the Indian flag to considering the tonnage that Indian entities own and control.
The Minister also highlighted the government’s financial support for the sector, including the ₹25,000 crore Maritime Development Fund, which is expected to catalyse investments of up to ₹1.5 lakh crore by 2030.
The Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 has a revised outlay of ₹24,736 crore up to 2036, aimed at strengthening Indian shipyards and vessel ownership.
Sonowal said the government’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047 provide the roadmap for expanding India’s fleet, increasing port capacity and coastal shipping, and positioning India among the world’s top five shipbuilding nations.
He also noted India’s position as the world’s largest ship recycling nation, with its share of global tonnage increasing from 30.1 per cent in 2024 to 35.4 per cent in 2025.
