The Ministry of Ports, Shipping and Waterways has launched an effort to develop India into a centre for ship ownership, leasing and maritime finance. Union Minister Sarbananda Sonowal made this announcement at the India Ship Leasing and Financing Summit held at GIFT City in Gandhinagar. The move aims to create a complete ecosystem for maritime services, from ship ownership to insurance and brokering.
The Plan and Its Scale
Currently, 38 ship lessors are registered in India and collectively lease 43 vessels. This represents a total leasing capacity of over 2.99 million deadweight tonnage, with 24 of these vessels registered under the Indian flag. Forty-one domestic and international banks have established operations in the International Financial Services Centre at GIFT City and have provided nearly USD 60.1 million in funding to ship leasing companies.
The government has committed significant funds to support this sector. A Maritime Development Fund of Rs 25,000 crore is expected to attract investments of up to Rs 1.5 lakh crore by 2030. The Shipbuilding Financial Assistance Scheme 2.0 has been extended with a revised outlay of Rs 24,736 crore through 2036.
Key policy changes include exempting foreign vessels on charter from licensing requirements under the Coastal Shipping Act, 2025. Additionally, shipping companies based in GIFT IFSC will now be permitted to own foreign-flag vessels, allowing India to count owned and controlled tonnage rather than only vessels flying the Indian flag.
The Directorate General of Merchant Shipping will open its first regional office in GIFT City to support shipowners and operators. India has also become the world’s largest ship recycling nation, increasing its share of global tonnage from 30.1 percent in 2024 to 35.4 percent in 2025.
What This Means for You
If you work in shipping, finance or maritime services, these changes aim to create more opportunities and investment in Indian waters and through Indian institutions. Ordinary citizens may benefit indirectly through job creation in ports, shipping companies and financial services. Students interested in maritime careers or finance may find growing employment prospects as India builds this sector. The initiatives sit within the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, which outline broader plans to expand India’s fleet and boost port capacity.