Govt Boosts Indian Shipping with New Leasing Entity

26 Jul 2024 CW Team

The central government's planned ship owning and leasing entity will gain significant advantages from the proposed permits for companies with a variable capital company structure, as outlined in the Union Budget 2024-25. This initiative will also enhance ship owning and leasing activities within the Gujarat International Finance Tec-City (GIFT City).

Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal emphasized the impact of these reforms: "Ownership, leasing, and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employment."

The share of overseas cargo carried by Indian flagged ships has dramatically declined from over 40% in the 1980s to less than 7% today. The new measures aim to reverse this trend by introducing flexible financing models and offering incentives for ship-leasing companies.

"Measures announced in the budget will allow companies to take advantage of the GIFT International Financial Services Centre (IFSC) dispensation," a top government official stated. The IFSC Authority recognized ship leasing as a financial product in January 2022, and by 2023, it expanded to include ship brokering and voyage charter-related services.

Leasing ships from the IFSC brings several benefits, including liberal policies, tax advantages, and the benefits of operating within a deemed foreign jurisdiction.

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