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International Financial Services Centres Authority

(A statutory authority established by Government of India)

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The Expert Committee for Development of Avenues for Ship Acquisition, Financing and Leasing from GIFT IFSC in India has submitted its report to IFSCA

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The Committee, constituted by IFSCA on 24 June 2021 under the chairpersonship of Ms. Vandana Aggarwal with representatives from Government of India, Gujarat Maritime Board, industry and finance experts, and academicians, has submitted its Report titled S.A.F.A.L. (Ship Acquisition, Financing and Leasing) to IFSCA on 28 October 2021.

The Committee carried out a 360-degree examination of the existing legal and regulatory regime in IFSC in India for ship acquisition, financing, and leasing, comparing it with those of global top-ranking marine hubs.

The Report provides useful recommendations for realizing the true transformational potential of India’s shipping industry. It finds that the time is opportune for imparting a brand value to Indian-flagged vessels. This can be done by carving out a share in global cross trades, securing gainful transactions for India’s marketplace, promoting decarbonization and greening of the blue oceans, and leveraging India-IFSC Maritime for achieving the Maritime India Vision 2030 and beyond.