GIFT City Emerges as Enabling Platform for India’s Maritime Finance Ambitions
Gandhinagar, September 10, 2026: Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said India is charting a clear course towards becoming a global hub for ship ownership, leasing and maritime finance, with GIFT City emerging as a key platform for building a comprehensive maritime financial ecosystem. Sonowal was the Chief Guest at 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 the GIFT City Club in Gandhinagar.
The summit brought together policymakers, shipowners, lessors, charterers, financiers and other maritime-sector stakeholders to deliberate on India’s efforts to establish a robust ecosystem covering ship ownership, leasing, financing, insurance, brokering and ancillary maritime services. During the event, the Union Minister also unveiled the brochure for the National Maritime Games 2027, which will be held at Ganpat University, Gujarat, under the aegis of the Ministry of Ports, Shipping and Waterways.
Building on India’s Maritime Legacy
Addressing the gathering, Sonowal highlighted India’s centuries-old maritime heritage, tracing the country’s maritime tradition to the Indus Valley Civilisation and the ancient port of Lothal in Gujarat. He said the summit represented an important milestone in India’s journey towards establishing a comprehensive maritime value-chain ecosystem, with GIFT City positioned to play a significant role in enabling this transformation.
Growing Ship Leasing Ecosystem
Highlighting the sector’s recent growth, Sonowal said 38 ship lessors are currently registered, collectively leasing 43 vessels with total leasing capacity exceeding 2.99 million DWT. Of these, 24 vessels are flying the Indian flag.
He further noted that 41 domestic and international banks have established a presence in the IFSC, providing close to USD 60.1 million in funding to ship-leasing entities.
The opening of the DGMA’s first regional office in GIFT City is also expected to strengthen the ecosystem for shipowners and operators.
Policy Reforms to Strengthen Indian Shipping
Sonowal outlined several policy measures aimed at enhancing the competitiveness of India’s shipping sector. These include exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels operating on charter, as well as permission for GIFT IFSC-based shipping companies to own foreign-flag vessels. Highlighting the significance of the latter reform, Sonowal said the move represents a shift in the way India’s fleet strength is assessed—from vessels flying the Indian flag to vessels that are owned and controlled by Indian entities. He also credited Prime Minister Narendra Modi’s leadership with transforming GIFT City from an idea into a functioning financial centre and described it as a potential launchpad for India’s next phase of maritime growth.
₹25,000 Crore Maritime Development Fund
The Union Minister also highlighted the government’s financial commitments to the maritime sector, including the ₹25,000 crore Maritime Development Fund, which is expected to catalyse investments of up to ₹1.5 lakh crore by 2030. He also referred to Shipbuilding Financial Assistance Scheme (SBFAS) 2.0, which carries a revised outlay of ₹24,736 crore through 2036, aimed at strengthening India’s shipbuilding capabilities and supporting vessel ownership.
Maritime Vision 2030 and 2047
Sonowal attributed the momentum in India’s maritime sector to the government’s long-term vision outlined under the Maritime India Vision 2030 (MIV 2030) and the Maritime Amrit Kaal Vision 2047 (MAKV 2047).
These roadmaps seek to expand India’s shipping fleet, strengthen port capacity and coastal shipping, enhance shipbuilding capabilities and position India among the top five global shipbuilding nations. He also highlighted India’s growing position in the global ship-recycling industry, noting that India’s share of global ship-recycling tonnage increased from 30.1% in 2024 to 35.4% in 2025. The summit was attended by Vijay Kumar, Secretary, Ministry of Ports, Shipping and Waterways; K. Rajaraman, Chairperson, IFSCA; and Hareet Shukla, Principal Secretary, Ports & Transport, Government of Gujarat, among other senior officials and maritime-sector stakeholders.
