The government on Friday announced that entities operating in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) will no longer require licences to charter foreign vessels for export-import cargo movement and international trade activities.
The exemption has been granted under Section 11 of the Coastal Shipping Act, 2025, and is aimed at simplifying regulatory procedures for maritime businesses operating from GIFT City.
The Ministry of Ports, Shipping and Waterways said the move would strengthen India’s maritime services ecosystem and improve the country’s competitiveness in global shipping.
According to the ministry, removing the licensing requirement will encourage maritime leasing, ship financing and ship ownership activities through GIFT City.
The policy is expected to create a more business-friendly environment for maritime enterprises and enable greater participation of international investors in India’s shipping sector.
The government said the measure will help develop a broader maritime ecosystem covering ship leasing, financing, asset management and other value-added services.
It is also expected to support the creation of ship-owning and leasing structures within India, reducing dependence on overseas financial centres for maritime transactions.
The initiative is part of the government’s broader strategy to position GIFT City as a global financial services hub for maritime businesses.
Situated in Gujarat, GIFT City is being developed as an International Financial Services Centre that provides a flexible regulatory and tax environment, with the objective of rivaling established financial hubs like Singapore and Dubai.
The exemption comes as GIFT City continues to attract companies looking to establish operations in India’s growing financial hub.
Several major companies, such as Bharti Airtel, US-based Genpact, and German auto parts maker ZF Friedrichshafen, have increased their footprint in the city by establishing treasury and financial units.
The government is of the view that simplifying access to maritime financing and leasing arrangements will enhance India’s position in global shipping and boost domestic involvement in international maritime operations.The policy shift is anticipated to benefit firms engaged in vessel ownership, leasing, financing, and associated services, while advancing India’s goal of developing a globally competitive maritime economy.
