Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal announced India's strategic push to become a global hub for ship ownership, leasing, and maritime finance at the India Ship Leasing and Financing Summit held at GIFT City Club, Gandhinagar. The summit was organized by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways (MoPSW).
GIFT City has emerged as the central platform enabling India's maritime finance ambitions, with significant progress already achieved. The ecosystem now includes 38 registered ship lessors collectively leasing 43 vessels, representing a total leasing capacity of 2.99 million DWT. Of these leased vessels, 24 now fly the Indian flag. The financing infrastructure has expanded with 41 domestic and international banks establishing presence in the IFSC, extending approximately USD 60.1 million in funding to ship leasing entities.
Key regulatory reforms have been implemented to support this growth, including exemption from licensing requirements under the Coastal Shipping Act, 2025 for foreign vessels on charter, and permission for GIFT IFSC-based shipping companies to own foreign-flag vessels. This represents a fundamental shift in how India counts its fleet, moving from tonnage that flies the Indian flag to tonnage that Indian entities own and control.
The government has committed substantial financial resources to support this vision, including a ₹25,000 crore Maritime Development Fund expected to catalyze investments of up to ₹1.5 lakh crore by 2030, and the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 with a revised outlay of ₹24,736 crore extended to 2036. These initiatives are part of broader strategic roadmaps including the Maritime India Vision (MIV) 2030 and Maritime Amrit Kaal Vision (MAKV) 2047, which aim to expand India's fleet, boost port capacity and coastal shipping, and position India among the top five global shipbuilding nations.
India has also emerged 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 DGMA's first regional office opening in GIFT City is expected to further strengthen the ecosystem for shipowners and operators.