The Government of India is firmly committed to positioning India as a major global hub for shipbuilding, with ambitious goals to rank among the top 10 maritime nations by 2030 and reach the top five by 2047, according to Union Minister Sahntanu Thakur.

This vision is integral to bolstering the country's blue economy, creating employment, enhancing global competitiveness, and promoting sustainability through green shipping initiatives and modernised infrastructure.

Key initiatives supporting this mission include the establishment of a ₹25,000 crore Maritime Development Fund (MDF) designed to provide long-term financing to the shipbuilding and repair sectors.

The government will contribute up to 49% of this fund, which is expected to mobilise private and port-led investments amounting to approximately ₹1.5 lakh crore by 2030. The fund aims to enhance domestic shipbuilding capabilities, modernise port infrastructure, promote environmentally friendly vessels, and reduce India's dependence on foreign shipping.

Complementing financial support are policies like the Shipbuilding Financial Assistance Policy 2.0, infrastructure status for shipyards enabling better access to institutional finance, incentives for green fuel vessels, and the right of first refusal for Indian-built ships in public procurement. These are designed to enhance India’s competitiveness and modernise its shipbuilding ecosystem.

At the sub-national level, Maharashtra has pioneered India's first Shipbuilding, Ship Repair, and Ship Recycling Policy 2025. This policy supports the creation of six shipyard clusters and 11 stand-alone shipyards, offering capital subsidies, fiscal incentives for infrastructure, R&D, upskilling, and workforce training. This framework targets unlocking investments of over ₹18,000 crore and generating more than 140,000 jobs by 2047.

India’s strategic focus is also on building a sustainable maritime ecosystem by advancing green shipping technologies and fostering innovation.

The government is encouraging adoption of alternative fuels like LNG, hydrogen, ammonia, and battery-powered vessels, aligning with global leaders like Norway in maritime innovation. The India-EFTA Trade and Economic Partnership Agreement is expected to further strengthen technological and economic collaborations for sustainable maritime growth.

Overall, these initiatives exemplify a holistic strategy to elevate India’s maritime industry—spanning financial support, infrastructure development, policy reforms, cluster creation, workforce development, and green transition—with the aim of making India a globally competitive shipbuilding powerhouse and a key driver of the blue economy by mid-century.

Based On PTI Report