<p data-path-to-node="7" id="p-rc_8e0dab862dc350be-131" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-275 citation-end-275" style="line-height: 1.15 !important;">&nbsp;In a major regulatory pivot engineered to accelerate maritime finance, the Union Government has revised shipping regulations to transform how India evaluates its national maritime strength.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="1" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-274" style="line-height: 1.15 !important;">The policy shift transitions India's accounting benchmark </span><b data-path-to-node="7" data-index-in-node="274" style="line-height: 1.15 !important;">from tonnage that strictly flies the Indian flag to tonnage that the nation owns and controls</b><span class="citation-274 citation-end-274" style="line-height: 1.15 !important;"> via ship-leasing entities based in Gujarat International Finance Tec-City (GIFT City).<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="2" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c627362957="" _nghost-ng-c822424761="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="8" id="p-rc_8e0dab862dc350be-132" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-273" style="line-height: 1.15 !important;">Announced by Union Minister of Ports, Shipping and Waterways </span><b data-path-to-node="8" data-index-in-node="61" style="line-height: 1.15 !important;">Sarbananda Sonowal</b><span class="citation-273" style="line-height: 1.15 !important;">, the regulatory recalibration provides targeted exemptions under the </span><b data-path-to-node="8" data-index-in-node="149" style="line-height: 1.15 !important;">Merchant Shipping (Registration of Vessels) Rules, 2026</b><span class="citation-273" style="line-height: 1.15 !important;"> and the </span><b data-path-to-node="8" data-index-in-node="213" style="line-height: 1.15 !important;">Coastal Shipping Act, 2025</b><span class="citation-273 citation-end-273" style="line-height: 1.15 !important;">. The reforms permit financial institutions and vessel-owning Special Purpose Vehicles (SPVs) operating out of the GIFT International Financial Services Centre (IFSC) to acquire, own, and register ships under foreign flags without the restrictive conditions traditionally imposed on operators in the Domestic Tariff Area (DTA).<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="3" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c627362957="" _nghost-ng-c822424761="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h3 data-path-to-node="10" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;">Key Operational Highlights &amp; Strategic Reforms</h3><ul data-path-to-node="11" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="11,0,0" id="p-rc_8e0dab862dc350be-133" style="line-height: 1.15 !important;"><b data-path-to-node="11,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">Redefining National Tonnage Accounting:</b> <span class="citation-272" style="line-height: 1.15 !important;">By shifting from flag-exclusive counting to an </span><b data-path-to-node="11,0,0" data-index-in-node="87" style="line-height: 1.15 !important;">Indian Controlled Tonnage (ICT)</b><span class="citation-272 citation-end-272" style="line-height: 1.15 !important;"> perspective, India recognizes vessels beneficially owned by domestic-headquartered capital and IFSC-domiciled entities, bringing national maritime accounting in line with global maritime superpowers.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="4" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c627362957="" _nghost-ng-c822424761="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="11,1,0" id="p-rc_8e0dab862dc350be-134" style="line-height: 1.15 !important;"><b data-path-to-node="11,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">Parity with Singapore and Dubai Maritime Hubs:</b> <span class="citation-271 citation-end-271" style="line-height: 1.15 !important;">Earlier compliance mandates required Indian owners to register vessels domestically or adhere to strict 1:1 domestic-to-foreign tonnage parity and 50% Indian crew requirements.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="5" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-270 citation-end-270" style="line-height: 1.15 !important;">The carve-out exempts GIFT IFSC units from these rigid preconditions, removing structural disadvantages that previously drove ship-leasing SPVs to offshore hubs like Singapore or Dubai.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="6" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c627362957="" _nghost-ng-c822424761="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="11,2,0" id="p-rc_8e0dab862dc350be-135" style="line-height: 1.15 !important;"><b data-path-to-node="11,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">Elimination of Section 11 Coastal Shipping Permits:</b> <span class="citation-269 citation-end-269" style="line-height: 1.15 !important;">Under previous mandates, chartering foreign-flag vessels required discretionary licensing from maritime administration authorities.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="7" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-268 citation-end-268" style="line-height: 1.15 !important;">Eligible GIFT City units can now lease foreign-flag vessels for export-import (EXIM) and international cross-trades without obtaining special Section 11 permits, slashing transaction cycles.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="8" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c627362957="" _nghost-ng-c822424761="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="11,3,0" id="p-rc_8e0dab862dc350be-136" style="line-height: 1.15 !important;"><b data-path-to-node="11,3,0" data-index-in-node="0" style="line-height: 1.15 !important;">Expanding GIFT City’s Maritime Portfolio:</b> <span class="citation-267" style="line-height: 1.15 !important;">As of the policy rollout, </span><b data-path-to-node="11,3,0" data-index-in-node="68" style="line-height: 1.15 !important;">38 maritime units</b><span class="citation-267" style="line-height: 1.15 !important;"> have established operations in GIFT City, managing and leasing </span><b data-path-to-node="11,3,0" data-index-in-node="149" style="line-height: 1.15 !important;">43 vessels&nbsp;</b><span class="citation-267" style="line-height: 1.15 !important;">spanning bulk carriers, crude tankers, and LPG carriers representing </span><b data-path-to-node="11,3,0" data-index-in-node="229" style="line-height: 1.15 !important;">2.99 million Deadweight Tonnage (DWT)</b><span class="citation-267 citation-end-267" style="line-height: 1.15 !important;">.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="9" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-266 citation-end-266" style="line-height: 1.15 !important;">Of these, 24 vessels (close to 1.78 million DWT) currently fly the Indian flag.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="10" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c627362957="" _nghost-ng-c822424761="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="11,4,0" id="p-rc_8e0dab862dc350be-137" style="line-height: 1.15 !important;"><b data-path-to-node="11,4,0" data-index-in-node="0" style="line-height: 1.15 !important;">Digital Vessel Registration Overhaul:</b> <span class="citation-265 citation-end-265" style="line-height: 1.15 !important;">The reforms coincide with the transition to fully digitized, online vessel registration under the Merchant Shipping Act, 2025. Ships are no longer required to make mandatory, costly physical port calls to Indian harbors solely to finalize registry documentation.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2901175073="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2901175073="" class="superscript" data-turn-source-index="11" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c627362957="" style="line-height: 1.15 !important;"></sources-carousel-inline></p></li></ul>