India Charts Course to Become Global Hub for Ship Ownership, Leasing and Maritime Finance: Sarbananda Sonowal

Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal addressed the India Ship Leasing and Financing Summit at GIFT City, Gandhinagar, outlining India's objective to become a global hub for ship ownership, leasing, and maritime finance. The summit, organised by the IFSCA in collaboration with MoPSW, highlighted GIFT City as the enabling platform for India's maritime ambitions. Key developments mentioned include 38 registered ship lessors leasing 43 vessels surpassing 2.99 million DWT, funding extensions by banks, and institutional reforms like exemptions under the Coastal Shipping Act, 2025, and permission for GIFT IFSC-based shipping companies to own foreign-flag vessels. Financial mechanisms like the Maritime Development Fund and the Shipbuilding Financial Assistance Scheme 2.0 were also highlighted alongside long-term roadmaps such as Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.