India

West Coast Marine (Sea Waif)

It is not every day that one is invited onboard a superyacht with more than a century of history. The 50.29-metre <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> is no ordinary vessel, built in 1906 by the Scottish shipyard <a data-gid="gid://syiq/Company/1068" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ramage & Ferguson (Company)">Ramage and Ferguson</a>, she has a storied past, having served with the British Royal Navy in both World Wars.<img src="https://photo-assets.superyachttimes.com/photo/373893/image/large-bc3383c62d81626c1b1dc806c5e6069c.jpeg" data-gid="gid://syiq/Photo/373893">Over the decades, <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> has been owned by a succession of prominent figures, including Richard Burton, who famously gifted her to his wife Elizabeth Taylor, as well as Peter de Savary, Vijay Mallya and, most recently, Shirish Saraf, who acquired her at an auction in 2019.SuperYacht Times Features Writer Enrico Chhibber met Saraf at Monaco Classic Week, following the <a data-gid="gid://syiq/Event/269" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Cannes Yachting Festival - 2025">Cannes Yachting Festival</a>, to discuss how he came to acquire the yacht, his preferred cruising destinations, and his perspective on India’s emerging presence in the global yachting sector.<img src="https://photo-assets.superyachttimes.com/photo/373921/image/large-b541572dd3028e8d9ad8b2b08ad58193.jpg" data-gid="gid://syiq/Photo/373921">From encounter to ownershipUpon stepping into the main saloon, I was greeted by Saraf and invited on a tour. Being onboard felt like walking through a museum, or being transported back in time. “She carries with her a story,” Saraf said with pride, noting that she had “survived two World Wars,” had welcomed “practically every Hollywood legend” and “all of Bollywood, really,” and that “Prince Philip stayed onboard with the Queen when <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> was the headquarters of the America’s Cup for Peter de Savary.”“I saw her truly as something very special, not just a yacht, but a piece of art. She is art on sea, you know,” said Saraf.Saraf first encountered <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> in 1996, when she was moored in <a data-gid="gid://syiq/Company/3474" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Dubai Creek Marina (Company)">Dubai Creek</a> under the ownership of Vijay Mallya. “I had just finished a round of golf with her captain during a tournament,” he recalled. “He asked if I wanted to come onboard. I went with my father, but at the time I never imagined I would one day become her owner.”<img src="https://photo-assets.superyachttimes.com/photo/373924/image/large-8cf25ddbb56bcaae13e9cd5c2cc3779c.jpg" data-gid="gid://syiq/Photo/373924">By 2004, Saraf had begun to take a greater interest in boating. He owned a small day boat and began spending more time at sea, often cruising the Mediterranean during the summer.When the opportunity arose in 2019, Saraf acquired <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> at auction in Sri Lanka. What captivated him was not merely her form, but the layered history she embodies. He emphasised “the fact that she is still recognised. I was at the restaurant La Réserve de Beaulieu, and the general manager came out because the bar displayed photos of <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> and Elizabeth Taylor arriving for Princess Grace’s 40th birthday in 1969. It is all there, in French, on the walls.”When Saraf took ownership, his priority was to restore <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> to her former glory while preserving her historical character. The first phase of her restoration began in Colombo, followed by a more extensive refit at <a data-gid="gid://syiq/Company/6770" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Adriatic 42 (Company)">Adriatic 42</a> in Montenegro, where Palazzo Morelli oversaw the interior works. Most recently, she spent the winter in Malta for further refit, managed by <a data-gid="gid://syiq/Company/1372" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Coast Marine (Sea Waif) (Company)">West Coast Marine</a>.<img src="https://photo-assets.superyachttimes.com/photo/373894/image/large-c86bbac206a52e1597866767881a0b98.jpeg" data-gid="gid://syiq/Photo/373894">Favourite cruising destinations&nbsp;“For me, it’s all about the water quality. I never really like to stay in the marina. Normally I’m anchored in the middle of the sea, somewhere quiet with friends, without too many buildings in sight,” he recounted.Saraf expressed a clear preference for the Mediterranean over the Caribbean, highlighting Corsica, Sicily and the Aeolian Islands, including Panarea and Stromboli, along with Malta, Montenegro and Croatia. “The Turkish coast is my favourite,” he added. “Gocek and all of those areas are really lovely.”Beyond the Mediterranean, Saraf has spent extended periods in Sri Lanka and has cruised the Lakshadweep islands. One destination he still hopes to visit is &nbsp;Raja Ampat in Indonesia.<img src="https://photo-assets.superyachttimes.com/photo/373915/image/large-3bd8fddc2e0c0f222003bed879c5e4aa.jpg" data-gid="gid://syiq/Photo/373915">India’s potential as a yachting destination and marketThe conversation then turned to India’s potential as both a yachting market and a cruising destination. Saraf offered a measured view of the country’s role in global yachting, distinguishing between its growing base of yacht owners and its limited appeal as a cruising ground. “Over time that will happen,” he said, referring to Indian ownership. “The typical Indian businessman is only now, after twenty years of economic growth, reaching a stage of wealth and maturity where yachting becomes a realistic pursuit. The second generation is beginning to grow up with friends who already have yachts.”Saraf added that “Indians tend to be more cost-conscious than the rest of the world. If you look at it purely from an economic perspective, superyachts shouldn’t be owned.” He went on to explain that ownership, for him, is driven by emotion rather than calculation. “This is something you love,” he reflected. “Why do I own <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> and not charter? Because where do I find the crew? The crew brings the soul to this life, they’re like family. From the moment you step onboard until you leave, it feels like home. Having my own yacht also means I am the master of my fate.”<img src="https://photo-assets.superyachttimes.com/photo/373917/image/large-fbf40af47a28e0c7504c07a623b3cb54.jpg" data-gid="gid://syiq/Photo/373917">From a cultural perspective, Saraf also noted that many wealthy Indians spend more time in London than at sea. “Indians are not really people of the sea,” he observed. “They haven’t had that exposure. I did, because I grew up in Oman, but in India, apart from Goa or Kerala, where would you go?”On India as a yachting destination, Saraf maintained that the country’s lack of infrastructure and bureaucratic constraints continue to limit its potential. “There is not much water to cruise around there,” he explained. “You can keep your yacht in the Maldives, which is good, but most Indians prefer to stay in a resort rather than cruise.”<img src="https://photo-assets.superyachttimes.com/photo/373922/image/large-90666725ab450b2de9a5cb7c1ea3b918.jpg" data-gid="gid://syiq/Photo/373922">He went on to describe how limited marina capacity, regulatory hurdles and security restrictions continue to make yacht cruising in India challenging. “There is not even basic infrastructure yet,” he said. “Even Goa does not have proper facilities. Since the 2008 Mumbai attacks, regulations have become stricter. Owners must now notify the Coast Guard weeks in advance, and in places such as Lakshadweep, each island requires a separate visa, and approvals can take months.”Looking ahead When asked whether he planned to acquire another yacht, Saraf replied with characteristic clarity. “No,” he said, later revealing, “I do have plans to put <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a> on the charter market.”<img src="https://photo-assets.superyachttimes.com/photo/373895/image/large-32b425e760c7fd2ed70a317a359b4fc6.jpeg" data-gid="gid://syiq/Photo/373895"> His approach reflects both pragmatism and reverence. As custodian of one of the world’s most storied vessels, Saraf views ownership less as possession and more as preservation, ensuring that <a data-gid="gid://syiq/Yacht/1737" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kalizma50.29m (164'12&quot;)Ramage & Ferguson1906">Kalizma</a>’s legacy, from her Royal Navy service to her Hollywood chapter, continues to endure. Images of Shirish Saraf provided by Captain Saini Surendra

Shirish Saraf on Kalizma preserving a century of history

Shirish Saraf reveals how he came to own Kalizma, and reflects on India’s potential as a superyacht market and destination.

Inside Shirish Saraf’s journey with Kalizma, the century-old superyacht

Gulf Superyacht Summit 2024 programme announced

SuperYacht Times is proud to announce the full schedule for this year’s Gulf Superyacht Summit 2024, held at the Jumeirah Beach Hotel, Dubai.

Gulf Superyacht Summit 2024 programme

<a href="http://superyachttimes.com" rel="noopener noreferrer" target="_blank" title="">SuperYacht Times</a> is pleased to announce Aashim Mongia, Managing Director and Owner of <a data-gid="gid://syiq/Company/1372" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Coast Marine (Sea Waif) (Company)">West Coast Marine Yacht Services</a>, as a speaker at the upcoming&nbsp;<a data-gid="gid://syiq/Event/232" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2024">Gulf Superyacht Summit 2024</a> (<a data-gid="gid://syiq/Event/232" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2024">GSS</a>).<img src="https://photo-assets.superyachttimes.com/photo/301381/image/large-3dddde666d08c1d21632d4a8a1e83fd4.jpg" data-gid="gid://syiq/Photo/301381">Scheduled for 4 and 5 December 2024 at the Jumeirah Beach Hotel in Dubai, the summit will serve as a platform to inform, assist, and advise yachting clients and other stakeholders, aiming to establish the Gulf as a leading Winter superyacht destination.A former officer in the Indian Navy, Mongia transitioned to managing his own marine business, specialising in yacht management and marina development. His Q&amp;A session will delve into India’s position in the superyacht sector, addressing its challenges and the initiatives aimed at further developing the yachting industry in India. Furthermore, the discussion will explore the migration of Indian ultra-high-net-worth individuals to the UAE and assess its impact on the region’s yachting industry.<img src="https://photo-assets.superyachttimes.com/photo/294670/image/large-8e62a64fe355e5162fc1aed6ace46fac.jpg" data-gid="gid://syiq/Photo/294670">How can I attend?<a href="https://dubai.platinumlist.net/event-tickets/94185/gulf-superyacht-summit" target="_blank">You can buy your ticket now via the Gulf Superyacht Summit website</a>,How can I submit my input about the region?Yes for sure - please email your ideas to info@superyachttimes.com.&nbsp;Can I be a speaker?We are open to all speaker suggestions and if you have any suggestions please email them to info@superyachttimes.com.&nbsp;Can I still sponsor the event?Please get in touch with our sales team for the availability of our sponsorship packages through sales@superyachttimes.com.<img src="https://photo-assets.superyachttimes.com/photo/319920/image/large-3dfe62cefc962dfda7d3e0cf252b4b7d.png" data-gid="gid://syiq/Photo/319920"><img src="https://photo-assets.superyachttimes.com/photo/332007/image/large-f610ebd4d538c46b7eb8dde87de89f2b.png" data-gid="gid://syiq/Photo/332007">

Aashim Mongia announced as guest speaker at the GSS 2024

Aashim Mongia, Managing Director and Owner of West Coast Marine Yacht Services as a speaker at the forthcoming Gulf Superyacht Summit 2024 (GSS).

Aashim Mongia of West Coast Marine Yacht Services announced as speaker at GSS 2024

The Mumbai Port Authority (MPA) now intends to self-fund its planned marina, according to local media sources. This newly announced plan moves away from the earlier proposal, to build on land through a public-private partnership (PPP) model.<img src="https://photo-assets.superyachttimes.com/photo/301383/image/large-60a90e3bd064fe7a4c5f69f5dc3ef4ea.jpg" data-gid="gid://syiq/Photo/301383">Initially, MPA sought to develop and manage the marina at the port's Princess Dock via a PPP for 45 years. Despite two tender processes, with adjusted bid terms, the efforts failed to attract bidders. In the local press, Rajiv Jalota, chairman of Mumbai Port Authority, stated: "We are not developing it on land; we are developing it in the sea. Studies are at a very advanced stage and clearances should come through." He also confirmed that the project would proceed as an Engineering Procurement Construction (EPC) project led by the port authority.<img src="https://photo-assets.superyachttimes.com/photo/301381/image/large-3dddde666d08c1d21632d4a8a1e83fd4.jpg" data-gid="gid://syiq/Photo/301381">The Managing Director and Owner of <a data-gid="gid://syiq/Company/1372" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Coast Marine (Sea Waif) (Company)">West Coast Marine Yacht Services Pvt Ltd</a>, Aashim Mongia commented, "This is a welcome step and a move in the right direction. As a stakeholder, we hope that the Mumbai Port Authority provides a sufficient land parcel alongside the marina for the development of world-class facilities and amenities. It is also essential that the marina maintains a 5-metre all-time draft to accommodate yachts over 30-metres in length."Unique geography and history&nbsp;The proposed site lies within the historic confines of Princess Dock and Victoria Dock, established in the 18th century during British rule. Facing limitations in expanding its cargo handling due to the typical evacuation challenges of a city-based port, MPA has opted to repurpose the waterfront for leisure and urban uses. This aligns with broader plans to regenerate Mumbai's waterfront.South Mumbai, where most of the port's land is situated, is one of the nation's most valuable locales. The planned marina is set to cater to a significant influx of luxury yachts. Currently, despite India's extensive coastline exceeding 7,500 kilometres, there are very few facilities for mooring luxury yachts. The existing infrastructure forces yacht owners to use inconvenient and inadequate makeshift arrangements near iconic sites like the Gateway of India.Attracting more yachts to the Mumbai areaJitendra Rami, Director of <a data-gid="gid://syiq/Company/1372" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Coast Marine (Sea Waif) (Company)">West Coast Marine Yacht Services Pvt Ltd</a> and M2M Ferries, stated that the Mumbai Port Authority has already conducted the first round of stakeholder consultations, which I attended, for the marina. Planned for a location outside the Princess and Victoria Docks, this marina will be situated adjacent to Cross Island, directly in front of the docks. The MPA is expected to conduct another round of stakeholder consultations soon. The establishment of a marina in Mumbai has been a longstanding demand of the industry, and we hope that this project will soon come to fruition.The development aims to transform the local economy by enhancing the area's appeal to tourists and yacht owners. With around 200 leisure boats typically moored near the Gateway of India due to the lack of dedicated marina facilities, the new marina aims to provide a world-class berthing option, equipped with comprehensive marina services. This initiative is not only expected to promote urban growth but also to open up new avenues for sea-based tourism.<img src="https://photo-assets.superyachttimes.com/photo/301382/image/large-72b2ec6789cf2c5339b5fdeacca2efb3.jpg" data-gid="gid://syiq/Photo/301382">

Mumbai Port Authority to self-fund marina development

According to local media sources, the Mumbai Port Authority (MPA) has announced a significant shift in its plans to develop a marina.

India currently ranks as the world's fifth-largest economy, following the United States, China, Germany, and Japan. According to a 2023 report by Knight Frank, the number of ultra-high-net-worth individuals (UHNWIs) in India, defined as those with a net worth exceeding $30 million, stood at 12,069. This figure is expected to surge by 58.4% by 2027. Moreover, on Forbes' 2023 list of the top 20 countries with the most billionaires, India holds the third spot, behind the USA and China, with 168 individuals.<img src="https://photo-assets.superyachttimes.com/photo/301382/image/large-72b2ec6789cf2c5339b5fdeacca2efb3.jpg" data-gid="gid://syiq/Photo/301382">Given India's robust economic standing, and the growing financial capacity of its ultra-wealthy population, coupled with an extensive coastline of 7,416 kilometres, one might anticipate a corresponding surge in the acquisition of luxury assets, specifically superyachts. However, this expectation contrasts sharply with the reality of India's current standing in global superyacht ownership. According to our upcoming market intelligence report, The State of Yachting&nbsp;2024, approximately 1% of all 40-metre plus yachts are owned by Indian nationals. This raises an intriguing question: why do UHNWI Indian nationals feature less prominently in global superyacht ownership rankings?Delving deeper into the specifics of yacht ownership further underscores this trend of absence. In the context of yachts currently under construction for the period 2024-2028, American buyers lead with a 29% share, closely followed by Russians at 7%, with Italy and Israel at 5%, followed by Greece and the UK each at 4% of the share. Notably Indian new-build ownership is minimal as Indian owners did not make it into in the table below.<img src="https://photo-assets.superyachttimes.com/photo/301451/image/large-74130b1822071e21a4f56b4b5fe83051.jpeg" data-gid="gid://syiq/Photo/301451">The lack of significant presence of Indian nationals in superyacht ownership standings can primarily be attributed to three interrelated factors. These include extensive regulations surrounding high-luxury assets, inadequate marina infrastructure and investment, and a lack of coastal culture.&nbsp;Lack of yachting regulatory framework:Highlighting the intricacies of leisure yachting regulations in India, Aashim Mongia, Managing Director and Owner of <a data-gid="gid://syiq/Company/1372" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Coast Marine (Sea Waif) (Company)">West Coast Marine Yacht Services Pvt Ltd,</a> offers a unique perspective on the challenges faced by yacht owners in the country. According to Mongia, a primary issue arises from the absence of a comprehensive legal framework governing yacht usage in the country.<img src="https://photo-assets.superyachttimes.com/photo/301381/image/large-3dddde666d08c1d21632d4a8a1e83fd4.jpg" data-gid="gid://syiq/Photo/301381">Drawing a comparison to European standards, Mongia explains that yacht operations in India involve more complex and time-consuming procedures. This process requires at least a month of pre-planning, extensive coordination with multiple regulatory bodies. The adverse effects of such a system tarnish India’s image as clients face charges of a thousand dollars for services significantly cheaper elsewhere, making the high costs challenging to justify in these circumstances.Jitendra Rami, Director of <a data-gid="gid://syiq/Company/1372" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="West Coast Marine (Sea Waif) (Company)">West Coast Marine Yacht Services Pvt Ltd</a> and M2M Ferries, brings attention to the significant tax burden associated with superyacht ownership in India, a key barrier deterring potential buyers. He elaborates on the financial implications: “When a yacht is purchased and imported into India, the applicable duties and taxes can amount to approximately 62% of its cost. This translates to an additional $620,000 in taxes and duties for a yacht valued at $1 million, a substantial amount that must be paid to the government for lawful ownership and registration”.<img src="https://photo-assets.superyachttimes.com/photo/301325/image/large-1dca0381e9fad20be00d7dd66975527d.jpeg" data-gid="gid://syiq/Photo/301325">Advait Deodhar, a Senior Sales and Charter broker with <a data-gid="gid://syiq/Company/4507" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="TJB Super Yachts (Company)">TJB Super Yachts</a>, highlights how the government's policy on limiting international fund transfers further complicates the situation. Deodhar notes that these financial restrictions significantly deter potential buyers by adding layers of complexity to the process of acquiring a superyacht. The intricacies involved in navigating these policies often discourage buyers, making the prospect of superyacht ownership less appealing.The absence of a developed leisure yachting regulatory framework has also impeded the development of marina infrastructure in India. This limitation directly affects the viability of superyacht cruising in the country and prevents owners from buying, chartering and mooring yachts within the region.Marina infrastructure and investment:In highlighting the difficulties encountered over the development of marina facilities, Mongia expressed: “There is a huge space constraint in a place like Mumbai which is the financial capital. The allocation of one to two hectares of land is inadequate. For a project to be viable it needs to be over a larger expanse with mix use”.Mongia then shared his vision, focusing on demonstrating the transformative potential of waterfront development to the government. He recounted, “At Mandwa port, for instance, we saw an extraordinary increase in visitor numbers. In 2014, the port averaged 3,000 visitors daily over an eight-month period. However, by 2019, following the implementation of our developmental plans, daily visitors surged to 40,000. This remarkable transformation, achieved within just five years, was the result of several initiatives, including the establishment of two restaurants, the opening of 21 shops, and the efficient management of embarkation and disembarkation processes”.In his explanation of how waterfront developments can bolster yachting, Mongia outlined the impact on their business. “Not only did our charter business witness a 30% increase, but it also catalysed the creation of an entire ecosystem,” he said. “The recycling of yachts gained momentum, rejuvenating the entire yachting life cycle, thanks to the emergence of a new waterfront destination.” This case illustrates that significant profits can be realised, setting a precedent for future projects. It offers persuasive financial projections to present to the government, advocating for more waterfront developments, including those capable of accommodating superyachts.Coastal culture:In discussing the aspect of coastal culture, Rami offered further insights: “Traditionally, we are not a seafaring community. Consequently, our leisure preferences often lean towards alternative activities. The majority favour visiting well-known destinations, participating in land-based leisure pursuits, or simply enjoying sunbathing.” This contrasts with many Western countries, where a deep-rooted connection to the sea is a fundamental part of the culture.This contrasts with Deodhar's perspective, as he underscores that the absence of suitable cruising grounds and necessary infrastructure hampers the awareness of yachting in India and impedes the growth of a vibrant yacht culture within the country. <img src="https://photo-assets.superyachttimes.com/photo/301383/image/large-60a90e3bd064fe7a4c5f69f5dc3ef4ea.jpg" data-gid="gid://syiq/Photo/301383">Future outlook:Looking ahead, the prospects of superyacht ownership in India hinge significantly on the evolving preferences of the country's younger affluent generation. Mongia and Deodhar concur that this demographic is poised to allocate more funds towards travel, including yachting experiences. However, they both emphasise a critical caveat: the current state of infrastructure in India does not yet adequately support yacht ownership. The lack of developed marinas and related facilities remains a substantial barrier, underscoring the need for significant infrastructural advancements to accommodate and foster the growth of the superyacht sector in India.&nbsp;The government is actively tackling this issue through a multi-faceted approach, which includes forging bilateral trade treaties, particularly implementing free trade agreements across Asia. Recent pacts with Japan, the Maldives, and the UAE are part of this effort. The aim is to eliminate barriers such as the 68% duty on imports, resulting in a significant reduction in costs for end users. Importing a yacht manufactured entirely in these countries will now incur a minimal duty of 10-15%, thereby substantially easing the financial burden for buyers.&nbsp;Furthermore, government initiatives such as the Sagar Mala Project, initiated in 2015, aim to modernise marine infrastructure. With upcoming elections and interim budget, there is a heightened emphasis on investing in tourism and waterfront development. Mongia confirms that recent developments have been made in addressing some of the structural issues obstructing superyacht ownership; “it's only a matter of time before further progress is achieved”.Mongia offers a contrasting view to that of Deodhar, seeing India as a 'sleeping giant' regarding superyacht ownership. He believes that once the necessary infrastructure is established and proves successful, it could lead to a significant increase in the number of superyacht owners in India. On the other hand, Deodhar expresses a more cautious outlook. He states, “I don't foresee a substantial change in the near future, at least not in the next 10 years, unless there are drastic shifts in the current scenario. While India may soon ascend to being among the top countries in terms of billionaire count, potentially even surpassing China, the mindset and lifestyle necessary for embracing superyacht ownership are not yet prevalent”.&nbsp;Conclusion:India's extensive bureaucracy, high taxation, underdeveloped marina infrastructure, and a cultural inclination away from yachting pose complex barriers. While India's potential as a 'sleeping giant' in luxury yachting is evident, realising this potential requires substantial infrastructural and regulatory reforms. With the government election coming up this year, there is a potentiality for the implementation of these reforms that could pave the way for India to mirror its economic growth in the form of superyacht ownership.&nbsp;Read: <a data-gid="gid://syiq/Article/59573" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Inaugural Asia-Pacific Superyacht Summit 2024 dates and location announced (2024-01-29 11:00:00 +0100)">Inaugural Asia-Pacific Superyacht Summit 2024 dates and location announced</a>

When it comes to superyacht ownership, is India a sleeping giant?

Why do UHNWI Indian nationals feature less prominently in global superyacht ownership rankings?

