IFSCA Constitutes a Committee for Development of Avenues for Ship Financing and Leasing In IFSC
(Judicial Quest News Network)
International Financial Services Centres Authority (IFSCA) has constituted a committee to examine global best practices in ship financing and leasing, identify opportunities and devise a roadmap to enable such activities from GIFT IFSC. This committee will be chaired by Ms. Vandana Aggarwal, former Senior Economic Advisor, Government of India. The committee includes representatives from the Government of India, Gujarat Maritime Board and industry experts possessing domain knowledge.
India is strategically located on the world’s shipping routes and has a large coastline of approximately 7,500 km. India also has 12 major and over 200 minor ports. Data from the Ministry of Shipping suggests that 95% of India’s trading by volume and 70% by value is done via maritime transport. Inspite of significant exposure to Shipping, India is yet to develop as an international shipping hub. IFSCA aims to provide an enabling regulatory framework and facilitative environment so that GIFT IFSC can become an international hub for Ship Financing & Leasing activities thereby benefitting shipowners, lessors, carriers, ship operators, ship management companies and other stakeholders in the maritime ecosystem.