Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal has outlined the country’s ambition to expand its role in the global maritime financial ecosystem. The strategy focuses on strengthening ship ownership and registration frameworks while creating a more competitive environment for leasing and financing activities.     GIFT City’s International Financial Services Centre is expected to play a central role in this push. Recent regulatory reforms have eased requirements for maritime businesses operating from the financial hub, with the government aiming to make GIFT City more attractive to global shipowners, lessors and investors.   The reforms are designed to improve the ease of doing business and support greater participation by international maritime companies. They are also expected to encourage Indian companies to undertake ship acquisition, leasing and financing activities through domestic financial infrastructure rather than relying heavily on overseas centres.      India’s push comes as global shipping remains increasingly capital-intensive, with shipowners requiring significant financing for fleet renewal, energy-efficient vessels and compliance with environmental regulations. Developing a domestic maritime finance ecosystem could therefore help India capture a larger share of the value generated around vessel ownership and leasing.

GIFT City has already emerged as a focus area for India’s maritime finance ambitions, with the government seeking to build an ecosystem covering ship leasing, financing, insurance and related services.      The initiative also aligns with broader efforts to strengthen India’s maritime sector and increase the country’s presence across the global shipping value chain. Rather than remaining primarily a major cargo-generating market, India is seeking a larger role in the financial and commercial activities that support international shipping.      If successful, the strategy could position GIFT City as an Asian alternative for ship leasing and maritime finance, while supporting the growth of Indian-owned tonnage and strengthening the country’s maritime financial capabilities.