According to a recent publication by CNBC TV18, India is set to enhance its maritime capabilities significantly with the approval of an impressive ₹69,725 crore (approximately $8 billion) incentive package aimed at revitalizing the shipping and ports sector.
This strategic decision is designed to overhaul India’s shipbuilding landscape, upgrade port facilities, promote domestic vessel ownership, and elevate India’s status in the global shipping arena. The government aspires to propel India from its current 16th position in global shipbuilding into the top 10 by 2030 and further into the top five by 2047. This initiative is projected to create around three million jobs while attracting investments totaling ₹4.5 trillion.
The comprehensive package is built on four foundational pillars:
This reform initiative aims not only to increase India’s shipbuilding capacity from just over 0.1 million gross tonnes initially but also has potential growth targets reaching up to an impressive 8.2 million gross tonnes over time. Furthermore, it seeks an additional capacity boost of approximately 250 million tonnes per annum across ports along with adding more than 2,500 vessels into operation.
The maritime community has largely embraced this announcement as pivotal for future growth in shipbuilding sectors across India. Rear Admiral Vipin Kumar Saxena (Retd), CEO of Swan Defence and Heavy Industries remarked on its significance for advancing local manufacturing capabilities in shipping technology.
Capt Anand Jayaraman from Mitsui O.S.K Lines emphasized that bolstering domestic ship production is crucial amid evolving global supply chains.
Nagarajan Jambunathan from JSW Infrastructure noted how these reforms could accelerate trade flows while attracting private investment opportunities.
Pushpank Kaushik of Jassper Shipping highlighted how incentives related to shipbreaking could foster sustainable practices within circular economies.
