“India Charts Course to Become Global Hub for Ship Ownership, Leasing and Maritime Finance:” Sarbananda Sonowal

The Union Minister cited Modi government's financial commitments to the sector, and the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0, with a revised outlay of ₹24,736 crore extended to 2036 aimed at strengthening Indian shipyards and vessel ownership.

Dr.G.R.Balakrishnan Sep 11 2026 Shipping News (Ship Building & Ship Yards)

“India Charts Course to Become Global Hub for Ship Ownership, Leasing and Maritime Finance:” Sarbananda Sonowal

Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, was the Chief Guest at the India Ship Leasing and Financing Summit, organised by the International Financial Services Centres Authority (IFSCA) in collaboration with the Ministry of Ports, Shipping and Waterways (MoPSW), at the GIFT City Club, Gandhinagar, today. The summit brought together policymakers, ship owners, lessors, charterers, financiers and maritime stakeholders to deliberate on India's push to build a comprehensive ship ownership, leasing and financing ecosystem, with GIFT City positioned as the platform enabling this ambition.

Addressing the gathering, Sonowal invoked India's maritime legacy, tracing it to the Indus Valley Civilization and the ancient port of Lothal in Gujarat. "This gathering marks a significant milestone in our collective journey to position India, and particularly GIFT City, as a global maritime hub for a comprehensive maritime value chain ecosystem — encompassing ship leasing, owning, financing, insurance, brokering and other ancillary services," Sonowal said.

The Minister pointed to India's growing fleet footprint, with 38 ship lessors now registered and collectively leasing 43 vessels, taking total leasing capacity past 2.99 million DWT, of which 24 vessels now fly the Indian flag. He added that 41 domestic and international banks have set up in the IFSC, extending close to USD 60.1 million in funding to ship leasing entities, with DGMA's first regional office opening in GIFT City set to further strengthen this ecosystem for shipowners and operators.

He also cited India's emergence as the world's largest ship recycling nation, its share of global tonnage rising from 30.1% in 2024 to 35.4% in 2025.

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