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India charts course to emerge as global hub for ship ownership, leasing and maritime finance: Sonowal
Sep-11-2026

Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal has said that India has charted course to emerge as a global hub for ship ownership, leasing and maritime finance. Addressing the India Ship Leasing and Financing Summit at the IFSC in GIFT City, the minister said the country was moving towards an integrated maritime ecosystem covering ship leasing, ownership, financing, insurance, brokering and related services.

Highlighting India's growing fleet footprint, Sonowal said India currently has 38 registered ship lessors, collectively leasing 43 vessels, taking total leasing capacity past 2.99 million DWT, of which 24 vessels now fly the Indian flag. He also noted that 41 domestic and international banks have set up in the IFSC, extending close to $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 outlined key reforms enabling Indian shipping to compete globally, including exemption from licensing requirements under the Coastal Shipping Act, 2025, for foreign vessels on charter, and permission for GIFT IFSC-based shipping companies to own foreign-flag vessels. 

He cited India's emergence as the world's largest ship recycling nation, its share of global tonnage rising from 30.1 per cent in 2024 to 35.4 per cent in 2025. He further cited government's financial commitments to the sector, including the Rs 25,000 crore Maritime Development Fund expected to catalyse investments of up to Rs 1.5 lakh crore by 2030, and the Shipbuilding Financial Assistance Scheme (SBFAS) 2.0, with a revised outlay of Rs 24,736 crore extended to 2036, both aimed at strengthening Indian shipyards and vessel ownership.


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