India Exempts GIFT City Firms from Foreign Vessel Licensing

The Indian government has exempted businesses operating in Gujarat International Finance Tec-City (GIFT City) from obtaining licenses to charter foreign vessels for export, import cargo movement, and international trade operations. The move is aimed at simplifying regulations and making cross-border shipping activities more efficient for companies based in the financial hub.

According to the Ministry of Ports, Shipping and Waterways, the exemption is expected to strengthen maritime leasing, ship financing, and ship-owning businesses within GIFT City. The initiative is part of the government’s broader effort to develop the city into a globally competitive financial and business center with business-friendly tax and regulatory policies.

Located in Gujarat, GIFT City is being promoted as India’s international financial services hub to compete with established centers such as Singapore and Dubai. The latest policy comes as more global and Indian companies continue to establish treasury and financial operations in the city, further boosting its role in international business and trade.