Union Minister Sarbananda Sonowal announced that GIFT City is poised to be the launchpad for India's next wave of maritime growth. Speaking at a summit in Gandhinagar, he outlined plans to build a comprehensive ship leasing and financing ecosystem.
Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, on Thursday, said that the GIFT City is now poised to be the launchpad for India's next wave of maritime growth.
According to a press release, Sonowal's remark came as he attended 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, Gandhinagar as the Chief guest. The summit brought together policymakers, ship owners, lessors, charterers, financiers and maritime stakeholders to deliberate on India's push to build a comprehensive ship ownership, leasing and financing ecosystem, with GIFT City positioned as the platform enabling this ambition. The Minister also unveiled the brochure of the National Maritime Games 2027, to be held at Ganpat University, Gujarat, under the aegis of MoPSW, the release said.
Positioning India as a Global Maritime Hub
Addressing the gathering, Sonowal invoked India's maritime legacy, tracing it to the Indus Valley Civilisation and the ancient port of Lothal in Gujarat. "This gathering marks a significant milestone in our collective journey to position India, and particularly GIFT City, as a global maritime hub for a comprehensive maritime value chain ecosystem, encompassing ship leasing, owning, financing, insurance, brokering and other ancillary services," Sonowal said.
Growth in Ship Leasing Ecosystem
The release noted that the Minister pointed to India's growing fleet footprint, with 38 ship lessors now registered and collectively leasing 43 vessels, taking total leasing capacity past 2.99 million DWT, of which 24 vessels now fly the Indian flag. He added that 41 domestic and international banks have set up in the IFSC, extending close to USD 60.1 million in funding to ship leasing entities, with DGMA's first regional office opening in GIFT City set to further strengthen this ecosystem for shipowners and operators, the release said.
Enabling Reforms and Financial Commitments
Sonowal outlined key reforms enabling Indian shipping to compete globally, 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. On the latter, Sonowal said, "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. PM Narendra Modi's dynamic leadership has carried GIFT City from thought to fruition, and it is now poised to be the launchpad for India's next wave of maritime growth”
The Union Minister further cited the Modi government's financial commitments to the sector, including the Rs 25,000 crore Maritime Development Fund expected to catalyse investments of up to Rs 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, both aimed at strengthening Indian shipyards and vessel ownership, the release said.
Future Roadmap and Vision
Sonowal attributed this momentum to the vision of Prime Minister Narendra Modi, referencing the Maritime India Vision (MIV) 2030 and Maritime Amrit Kaal Vision (MAKV) 2047 as roadmaps to expand India's fleet, boost port capacity and coastal shipping, and place India among the top five global shipbuilding nations. He also cited India's emergence as the world's largest ship recycling nation, its share of global tonnage rising from 30.1% in 2024 to 35.4% in 2025, the release said.
Vijay Kumar, Secretary, MoPSW; K. Rajaraman, Chairperson, IFSCA; and Hareet Shukla, Principal Secretary, Ports & Transport, Government of Gujarat, were also present. (ANI)
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