India Charts Course to Become Global Hub for Ship Ownership, Leasing and Maritime Finance: Sarbananda Sonowal
Union Minister Sarbananda Sonowal spoke at the India Ship Leasing and Financing Summit in GIFT City, Gandhinagar, outlining India's vision to become a global maritime hub for ship ownership, leasing, and finance. He highlighted key reforms, including exemptions under the Coastal Shipping Act, 2025, and financial initiatives like the ₹25,000 crore Maritime Development Fund to boost the sector.
Why It Matters
This topic is relevant for UPSC, banking, and state-PSC exams under current affairs, government schemes, and economic development sectors.
In Simple Words
Union Minister Sarbananda Sonowal attended the India Ship Leasing and Financing Summit at GIFT City, Gandhinagar. The event focused on building a strong ecosystem for ship ownership, leasing, and maritime finance in India.
India has registered 38 ship lessors leasing 43 vessels, and introduced major reforms like the Coastal Shipping Act, 2025. Financial initiatives like the ₹25,000 crore Maritime Development Fund and Shipbuilding Financial Assistance Scheme 2.0 aim to boost national shipyards and vessel ownership.
Key Points
- Union Minister Sarbananda Sonowal was the Chief Guest at the India Ship Leasing and Financing Summit.
- The summit was organised by IFSCA in collaboration with MoPSW at GIFT City Club, Gandhinagar.
- 38 ship lessors are registered, collectively leasing 43 vessels with a capacity past 2.99 million DWT.
- 41 domestic and international banks in IFSC extended close to USD 60.1 million in funding to ship leasing entities.
- Reforms include exemption from licensing under the Coastal Shipping Act, 2025, for foreign vessels on charter.
- A ₹25,000 crore Maritime Development Fund is expected to catalyse investments up to ₹1.5 lakh crore by 2030.
- Shipbuilding Financial Assistance Scheme (SBFAS) 2.0 has a revised outlay of ₹24,736 crore extended to 2036.
- India's share of global ship recycling tonnage rose from 30.1% in 2024 to 35.4% in 2025.
Exam Angle
A. 38 ship lessors
Source: Press Information Bureau