India has revised its approach to shipping tonnage through regulatory changes linked to GIFT City, marking a shift in how the country accounts for and supports its shipping fleet, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said.
The changes are part of the government’s wider efforts to strengthen India’s maritime sector and encourage more shipping-related investment through GIFT City’s International Financial Services Centre (IFSC).
The revised framework is intended to make it easier for Indian shipping companies to access international financial services and operate within a more competitive regulatory environment. GIFT City has been positioned as a hub for ship ownership, leasing, financing and other maritime-related activities.
The changes could also support India’s efforts to increase its shipping capacity and reduce dependence on foreign-flagged vessels for international trade. A larger Indian-controlled fleet would provide exporters and importers with additional shipping options while strengthening the country’s maritime ecosystem.
Sonowal has highlighted the importance of GIFT City in developing India’s maritime finance and shipping capabilities. Ship leasing and related financial services are among the activities being promoted through the financial centre.
The reforms come as India seeks to increase its share of global maritime trade and develop domestic capabilities across shipbuilding, ownership, financing and logistics.
Industry participants are expected to assess the new rules for their potential impact on fleet expansion, vessel ownership structures and access to maritime finance.
The government’s broader maritime strategy includes measures aimed at strengthening Indian shipping and creating a more supportive environment for investment in the sector.