Delivering the keynote address at the Maritime Financing Summit in New Delhi, Sonowal underscored the maritime sector’s vital role in realising the vision of a developed India by 2047.
India’s ports sector is undergoing a remarkable transformation, with marked improvements in turnaround time, port capacity, investment inflows, and customs clearance, Union Minister for Ports, Shipping & Waterways Sarbanand Sonowal has said.
Delivering the keynote address at the Maritime Financing Summit in New Delhi on Thursday, Sonowal underscored the maritime sector’s vital role in realising the vision of a developed India by 2047.
“Our ports have significantly improved operational efficiency, with average turnaround time reduced from four days to less than one, outperforming many advanced nations,” he said.
“Container capacity at major ports has grown by over 70 per cent, and cargo volumes via coastal and inland waterways have multiplied.”
With 100 per cent FDI permitted in shipping under the automatic route, streamlined customs procedures, and the strategic advantage of GIFT City’s International Financial Services Centre (IFSC), India offers one of the most attractive ecosystems for maritime investment. Sonowal said India aimed to become a global maritime hub, not just in trade, but also in finance, shipbuilding and green infrastructure.
The summit, organised by the Ministry of Ports, Shipping & Waterways, brought together policymakers, industry leaders, global investors and domain experts to deliberate on financial strategies shaping India’s maritime future.
Strengthening Financial Foundations
Sonowal emphasised that India’s maritime ambitions hinge on a robust and long-term financial framework, which was achievable only through trust between industry and institutions.
“We are committed to ensuring that enabling policies, business-friendly reforms and international partnerships create an environment where Indian shipping can grow and lead. Our coastline is a gateway to opportunity, and through shared vision and effort, India will emerge as a global maritime leader.”
Among the key announcements was the proposed Maritime Development Fund (MDF), a blended finance vehicle aimed at lowering capital costs and attracting long-term investment into shipyards, coastal infrastructure and inland waterways. The MDF was developed through wide-ranging consultations with over 100 stakeholders, including global investors, shipowners, insurers and financial institutions.
Other strategic measures discussed included extending the Shipbuilding Financial Assistance Scheme (SBFAS), recognising large vessels as infrastructure assets, and enabling ship leasing through GIFT City IFSC, all designed to enhance India’s global competitiveness in maritime and shipbuilding.
In addition, Sonowal highlighted legislative progress to support Indian-flagged tonnage, including the Merchant Shipping and Coastal Shipping Bills. On July 21, Parliament passed the Bills of Lading Bill, 2025, aimed at simplifying the legal framework for shipping documentation.