At the India Ship Leasing and Financing Summit in Gandhinagar, Union Minister Sarbananda Sonowal highlighted India’s maritime heritage and its ambition to establish GIFT City as a global maritime hub. Emphasizing reforms and financial initiatives, he outlined the government’s commitment to enhancing ship ownership and financing, positioning India for significant growth in the sector.
The Indian government plans to establish an Interest Incentivisation Fund under the ₹25,000 crore Maritime Development Fund. This initiative will enable lower interest borrowing for entities in targeted sectors, enhancing access to credit. Managed by NaBFID and IIFCL, it aims to strengthen India’s maritime industry, fostering growth and innovation.
The Indian government plans to boost the Maritime Development Fund to 70,000 billion rupees, enhancing long-term financing for the maritime sector. By 2047, the sector’s value is expected to reach $940 billion, driven by advancements in shipping and shipbuilding. New incentives and subsidies aim to position India among the top shipbuilding nations.
Finance Minister Nirmala Sitharaman announced a Maritime Development Fund of Rs 25,000 crore during the 2025-26 Budget, aimed at boosting the maritime industry and fostering competition. The fund expects to attract Rs 1.5 lakh crore in investments by 2030. Additional measures include extending customs duty exemptions for ship manufacturing and revamping financial assistance policies.
