Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, served as the Chief Guest at the India Ship Leasing and Financing Summit held at GIFT City Club in Gandhinagar. The event, organized by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways, brought together various stakeholders, including policymakers, ship owners, and financiers. The summit focused on India’s ambition to develop a robust ecosystem for ship ownership, leasing, and financing, with GIFT City positioned as a key player in this initiative.
In his address, Sonowal emphasized India’s rich maritime heritage, tracing back to the Indus Valley Civilization and the ancient port of Lothal. He noted that the summit represents a pivotal step in positioning India, particularly GIFT City, as a global maritime hub, encompassing a wide range of services from leasing to insurance. He highlighted the growing fleet in India, with 38 registered ship lessors leasing 43 vessels, and the establishment of 41 banks in the International Financial Services Centre (IFSC), which have collectively provided significant funding to support ship leasing entities.
Sonowal also outlined crucial reforms aimed at enhancing the competitiveness of Indian shipping on a global scale, including exemptions for foreign vessels under the Coastal Shipping Act and allowing GIFT IFSC-based companies to own foreign-flagged vessels. He attributed these advancements to the leadership of Prime Minister Narendra Modi, emphasizing the government’s commitment to catalyzing investments in the maritime sector through significant financial initiatives like the Rs 25,000 crore Maritime Development Fund and the revised Shipbuilding Financial Assistance Scheme.
Looking ahead, Sonowal referenced the Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047 as strategic frameworks to elevate India’s position in global shipbuilding and maritime activities. He noted India’s emergence as the world’s largest ship recycling nation, with projections indicating an increase in its share of global tonnage by 2025.
