Union Minister Sarbananda Sonowal announced at the India Ship Leasing and Financing Summit in GIFT City, Gandhinagar, that India is rapidly advancing toward becoming a global hub for ship ownership, leasing, and maritime finance. Positioned as a comprehensive maritime ecosystem, GIFT City has already registered 38 ship lessors handling 43 vessels and secured over $60.1 million in funding from 41 IFSC-based banks. Concurrently, domestic agricultural trade reported significant shifts as India’s overall oilmeal exports fell by 12.5% to 9.57 lakh tonnes in the first quarter of FY 2026-27, down from 10.94 lakh tonnes in the previous year. This drop was largely driven by a massive 65% plunge in soybean meal shipments due to severe global price competition from South American producers like Argentina and Brazil, coupled with high domestic prices and elevated freight costs caused by Red Sea disruptions. However, a strong surge in rapeseed meal purchases by Asian markets, led by China importing 3.09 lakh tonnes, served as a vital buffer to cushion the steep decline in soybean extractions.