This landmark maritime reform is set to drive leasing, financing, and ship‑owning through GIFT City, while opening India’s maritime assets to deeper global capital participation.
In a landmark reform, the Centre has exempted units established in the International Financial Services Centre (IFSC), GIFT City, Gandhinagar, from the licensing requirement under Section 11 of the Coastal Shipping Act, 2025. This exemption applies to chartering foreign vessels for EXIM and international trade operations, significantly strengthening India’s maritime leasing and financing ecosystem.
The notification, issued by the Ministry of Ports, Shipping and Waterways on July 7, 2026, removes the need for eligible IFSC units to obtain a licence from the Director General of Shipping. The measure is expected to simplify regulatory processes, promote ease of doing business, and position GIFT City as a global maritime services hub.
Union Minister Sarbananda Sonowal said landmark reforms, world‑class infrastructure and unprecedented policy support have transformed India’s maritime sector over the last 12 years. “We have laid a strong foundation. The next phase is to unlock the full potential of the maritime industry by minimal governance to enhance competitiveness and efficiency, powering India’s journey towards Viksit Bharat.”
The reform is expected to encourage maritime leasing, ship financing, and ship‑owning activities through GIFT City, while facilitating greater participation of global capital in maritime assets. It will also accelerate the development of a comprehensive maritime ecosystem encompassing asset management and other value‑added services.
Importantly, the exemption is limited to licensing under Section 11 and does not alter the framework governing coastal trade. The prevailing cabotage regime and safeguards applicable to domestic shipping remain unchanged, ensuring regulatory flexibility only for EXIM and international trade operations.