India Ship Leasing is gaining momentum as the government seeks to build a broader ecosystem for ship ownership, leasing and maritime finance, with GIFT City positioned as a key platform for the sector’s expansion.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal outlined the government’s plans at the India Ship Leasing and Financing Summit held at the GIFT City Club in Gandhinagar on September 10. The summit was organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways (MoPSW).
The event brought together policymakers, ship owners, lessors, charterers, financiers and other maritime stakeholders. Sonowal also unveiled the brochure for the National Maritime Games 2027, which will be held at Ganpat University in Gujarat under the aegis of MoPSW.
GIFT City Expands India’s Ship Leasing Ecosystem
According to the government, 38 ship lessors are now registered in the ecosystem and are collectively leasing 43 vessels. Their total leasing capacity has crossed 2.99 million DWT, while 24 of these vessels now fly the Indian flag.
Sonowal said 41 domestic and international banks have established operations in the IFSC and have extended close to USD 60.1 million in funding to ship leasing entities.
The opening of DGMA’s first regional office in GIFT City is also expected to strengthen the ecosystem for shipowners and operators.
The minister highlighted reforms including an exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels operating on charter. GIFT IFSC-based shipping companies have also been permitted to own foreign-flag vessels.
Maritime Funds and Shipbuilding Support
The government has committed major financial support to the maritime sector. Sonowal said the ₹25,000 crore Maritime Development Fund is expected to catalyse investments of up to ₹1.5 lakh crore by 2030.
The Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 has also received a revised outlay of ₹24,736 crore and has been extended until 2036.
These measures are aimed at strengthening Indian shipyards and vessel ownership.
India Targets Broader Maritime Growth
Sonowal linked the government’s maritime strategy to the Maritime India Vision (MIV) 2030 and Maritime Amrit Kaal Vision (MAKV) 2047, which seek to expand India’s fleet, increase port capacity and coastal shipping, and place India among the world’s top five shipbuilding nations.
He also said India has emerged as the world’s largest ship recycling nation, with its share of global tonnage increasing from 30.1% in 2024 to 35.4% in 2025.
Vijay Kumar, Secretary, MoPSW; K. Rajaraman, Chairperson of IFSCA; and Hareet Shukla, Principal Secretary, Ports & Transport, Government of Gujarat, were also present at the summit.
Q1. What is India’s plan for ship leasing and maritime finance?
India is working to develop a comprehensive ecosystem for ship ownership, leasing and maritime finance, with GIFT City positioned as a key enabling platform.
Q2. How many ship lessors are registered in India’s ecosystem?
According to the government, 38 ship lessors are registered and collectively leasing 43 vessels.
Q3. How much funding have banks provided to ship leasing entities in the IFSC?
Forty-one domestic and international banks have extended close to USD 60.1 million in funding to ship leasing entities.
Q4. What is the size of the Maritime Development Fund?
The Maritime Development Fund has an allocation of ₹25,000 crore and is expected to catalyse investments of up to ₹1.5 lakh crore by 2030.
Q5. What reforms were highlighted for shipping companies in GIFT IFSC?
The government has permitted GIFT IFSC-based shipping companies to own foreign-flag vessels and exempted foreign vessels on charter from licensing requirements under the Coastal Shipping Act, 2025.
