Govt Exempts GIFT City Entities From Licence Requirement To Charter Foreign Vessels For Global Trade
· Free Press Journal
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.
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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.
Zerodha, Groww, Angel One, Upstox Get Nod For US Stock Investing Via GIFT CityThe 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.
Located in Gujarat, GIFT City is being developed as an International Financial Services Centre offering a liberal regulatory and tax framework, with the aim of competing with established financial centres such as Singapore and Dubai.
The exemption comes as GIFT City continues to attract companies looking to establish operations in India’s growing financial hub.
India’s GIFT City Push Gains Momentum As Decentro Secures PSP LicenceSeveral large firms, including Bharti Airtel, US-based Genpact and German automotive supplier ZF Friedrichshafen, have expanded their presence in the city by setting up treasury and financial operations.
The government believes that easier access to maritime financing and leasing structures will strengthen India’s role in international shipping and encourage domestic participation in global maritime activities.
The policy change is expected to provide a boost to companies involved in vessel ownership, leasing, financing and related services while supporting India’s ambition to build a globally competitive maritime economy.