THEBUSINESSBYES BUREAU

GANDHINAGAR, SEPTEMBER 10, 2026

India is charting a course to emerge as a global hub for ship ownership, leasing and maritime finance, with GIFT City positioned as the enabling platform for building a comprehensive maritime value-chain ecosystem, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said on Thursday.

Addressing 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 (MoPSW) at GIFT City here, Sonowal said India was witnessing a significant transformation in its maritime sector, with the financial ecosystem in the Gujarat International Finance Tec-City (GIFT City) playing a key role.

The summit brought together policymakers, ship owners, lessors, charterers, financiers and other maritime stakeholders to deliberate on measures to strengthen India's ship ownership, leasing and financing ecosystem.

"This gathering marks a significant milestone in our collective journey to position India, and particularly GIFT City, as a global maritime hub for a comprehensive maritime value chain ecosystem — encompassing ship leasing, owning, financing, insurance, brokering and other ancillary services," Sonowal said.

Invoking India's maritime legacy, the minister traced the country's seafaring traditions to the Indus Valley Civilisation and the ancient port city of Lothal in Gujarat, saying the current initiatives represented a continuation of that long maritime heritage.

Highlighting the growth of India's ship leasing ecosystem, Sonowal said 38 ship lessors were now registered and collectively leasing 43 vessels, with the total leasing capacity crossing 2.99 million DWT. Of these vessels, 24 are flying the Indian flag, he said.

The minister said 41 domestic and international banks had established a presence in the International Financial Services Centre (IFSC), providing close to 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 would further strengthen the ecosystem and provide greater support to ship owners and operators, he said.

Sonowal also highlighted a series of policy reforms aimed at enabling Indian shipping companies to compete more effectively in global markets. 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 the GIFT IFSC to own foreign-flag vessels.

"More fundamentally, it marks a shift in how we count our fleet — from tonnage that flies our flag to tonnage that we own and control," Sonowal said.

"Prime Minister Narendra Modi ji's dynamic leadership has carried GIFT City from thought to fruition, and it is now poised to be the launchpad for India's next wave of maritime growth," he added.

The minister also underlined the government's financial push to strengthen the maritime and shipbuilding sectors. The Rs 25,000-crore Maritime Development Fund is expected to catalyse investments of up to Rs 1.5 lakh crore by 2030, while the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 has a revised outlay of Rs 24,736 crore extending up to 2036.

These measures are aimed at strengthening Indian shipyards, expanding the country's shipbuilding capabilities and supporting greater vessel ownership, Sonowal said.

He attributed the government's maritime sector initiatives to the broader vision outlined under the Maritime India Vision (MIV) 2030 and the Maritime Amrit Kaal Vision (MAKV) 2047, which seek to expand India's fleet, increase port capacity, promote coastal shipping and position the country among the world's top five shipbuilding nations.

Sonowal also pointed to India's growing prominence in the global ship recycling industry, saying the country's share of global tonnage had increased from 30.1 per cent in 2024 to 35.4 per cent in 2025.

The minister said the government's efforts were aimed at creating an integrated maritime ecosystem in which ship ownership, leasing, financing, insurance, brokering and other allied services could develop together, thereby reducing India's dependence on overseas maritime financial centres.

During the summit, Sonowal also unveiled the brochure for the National Maritime Games 2027, which will be held at Ganpat University in Gujarat under the aegis of the MoPSW.

MoPSW Secretary Vijay Kumar, IFSCA Chairperson K. Rajaraman and Gujarat Principal Secretary, Ports and Transport, Hareet Shukla were among those present at the event.