India targets global maritime hub status via GIFT City

India is working to establish itself as a global hub for ship ownership, leasing, and maritime finance. The government is positioning GIFT City’s International Financial Services Centre (IFSC) as the primary platform to attract international maritime capital and support a comprehensive ecosystem including insurance, brokering, and ancillary services.

Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal highlighted these ambitions at the India Ship Leasing and Financing Summit in Gandhinagar. He noted that recent regulatory reforms aim to improve the ease of doing business and encourage Indian companies to utilize domestic financial infrastructure for vessel acquisition rather than relying on overseas centers.

Currently, 38 ship lessors are registered in the IFSC, collectively leasing 43 vessels with a total capacity exceeding 2.99 million DWT. Additionally, 41 domestic and international banks have established operations within the IFSC, providing approximately USD 60.1 million in funding to ship leasing entities.