India is charting a course to become a global hub for ship ownership, leasing and maritime finance, with GIFT City emerging as a key centre for developing a comprehensive maritime value-chain ecosystem, Union Shipping Minister Sarbananda Sonowal said.
Addressing the India Ship Leasing and Financing Summit in Gandhinagar, he said the initiative marked a significant milestone in positioning India and GIFT City as a global maritime hub covering ship leasing, ownership, financing, insurance, brokering and ancillary services.
Ship leasing ecosystem expands
India’s fleet footprint is growing, with 38 ship lessors now registered and collectively leasing 43 vessels with a total capacity of more than 2.99 million DWT. Of these, 24 vessels currently fly the Indian flag.
The Minister said 41 domestic and international banks have established operations in International Financial Services Centres and extended close to $60 million in funding to ship leasing entities.
Reforms support global ambitions
The opening of the first regional office of the Directorate General of Merchant Shipping (DGMA) in GIFT City is expected to further strengthen the ecosystem for shipowners and operators.
Sonowal outlined reforms aimed at enabling Indian shipping companies to compete globally, including exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels on charter.
GIFT IFSC-based shipping companies have also been permitted to own foreign-flag vessels, widening the scope for Indian ownership of global shipping assets.
Focus shifts to owned tonnage
“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. GIFT City is now poised to be the launchpad for India’s next wave of maritime growth,” the Minister said.
He also highlighted India’s position as the world’s largest ship recycling nation. India’s share of global ship recycling tonnage increased from 30% in 2024 to 35.4% in 2025.
Summit focuses on maritime finance
The India Ship Leasing and Financing Summit was organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways in Gandhinagar.
The initiative seeks to strengthen India’s maritime finance ecosystem and expand its role across ship ownership, leasing, financing and other related services.