India Set to Become Global Ship Leasing & Finance Hub: Sonowal
India Set to Become Global Ship Leasing, Ownership, and Financing Hub: Shri Sarbananda Sonowal
Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal, attended the India Ship Leasing and Financing Summit at GIFT City Club in Gandhinagar today as the Chief Guest. The summit was organized by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways.
The summit brought together policymakers, shipowners, lessors, charterers, financiers, and maritime stakeholders on a single platform. They deliberated on India’s efforts to build a ship ownership, leasing, and financing ecosystem, with GIFT City serving as the primary launchpad to realize this ambition.
Addressing the gathering, Shri Sonowal highlighted India’s rich maritime heritage, invoking the Indus Valley Civilization and Gujarat’s ancient port of Lothal. Sonowal stated, "This summit marks a key milestone in our collective journey to position India, and specifically GIFT City, as a global maritime hub. This hub will establish a comprehensive maritime value chain ecosystem covering ship leasing, ownership, financing, insurance, brokering, and ancillary services."
The Union Minister noted India’s growing maritime fleet, stating that 38 ship lessors are now registered, leasing a total of 43 vessels and bringing the total leasing capacity to over 2.99 million DWT, with 24 of these vessels flying the Indian flag. He shared that 41 domestic and international banks established in GIFT IFSC have disbursed approximately USD 60.1 million in funding to ship leasing entities. Additionally, the opening of DGMA's first regional office at GIFT City will further strengthen the ecosystem for shipowners and operators.
Sonowal outlined critical reforms helping India’s shipping sector compete globally. These include exempting chartered foreign vessels from licensing requirements under the 'Coastal Shipping Act, 2025' and allowing GIFT IFSC-based shipping companies to own foreign-flagged vessels. Sonowal added, "In essence, this reflects a shift in how we count our merchant fleet—focusing on vessels owned and controlled by us rather than just those flying our flag. Prime Minister Shri Narendra Modi's visionary leadership brought the concept of GIFT City to life, and it is now poised to serve as the launchpad for the next phase of growth in India's maritime sector."
The Union Minister cited the Modi government's financial commitments to the sector, including a ₹25,000 crore Maritime Development Fund expected to catalyze up to ₹1.5 lakh crore in investments by 2030, and the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 with a revised outlay of ₹24,736 crore extended up to 2036, aiming to strengthen Indian shipyards and vessel ownership.
The Union Minister attributed this momentum to Prime Minister Shri Narendra Modi's vision, highlighting the Maritime India Vision (MIV) 2030 and the Maritime Amrit Kaal Vision (MAKV) 2047 as strategic roadmaps to expand India's fleet, boost port capacity and coastal shipping, and elevate India into the top five global shipbuilding nations. He also mentioned India's emergence as the world's largest ship recycling nation, with its share of global tonnage rising from 30.1% in 2024 to 35.4% in 2025.
The event was also attended by Secretary of the Ministry of Ports, Shipping and Waterways, Vijay Kumar; Chairman of IFSCA, K. Rajaraman; and Principal Secretary of the Ports and Transport Department, Government of Gujarat, Shri Harit Shukla.