GS PAPER II: Important aspects of governance, transparency and accountability, e-governance- applications, models, successes, limitations, and potential; citizens charters, transparency & accountability and institutional and other measures.

Context: 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.

Need:

• 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.

Purpose of committee:

• The committee is mandated to examine the existing legal, regulatory, tax and other applicable frameworks, identify the bottlenecks pertaining to ship financing & leasing and recommend specific measures required which shall enable ship financing & leasing from IFSC at par with best international practices.
• The committee would submit its recommendations to IFSCA in three months.

https://pib.gov.in/PressReleasePage.aspx?PRID=1730168

Download PDF