India To Build 112 Vessels Through Joint Ventures With Oil PSUs To Strengthen Maritime Fleet

In a major move to boost India’s maritime strength, the government has announced plans to construct 112 vessels through joint ventures (JVs) with oil-sector public enterprises. This initiative, revealed by Union Shipping Minister Sarbananda Sonowal in Visakhapatnam, aims to expand the national fleet, reduce dependency on foreign carriers, and enhance India’s shipbuilding capacity. The announcement was made during the reception ceremony of the Shipping Corporation of India’s (SCI) new gas carrier, Shivalik, under the Indian flag.

Strengthening India’s Maritime and Economic Self-Reliance

The construction of 112 vessels marks a strategic step toward reducing foreign exchange outflows that occur due to freight payments to foreign carriers. By partnering with oil PSUs, the Shipping Corporation of India (SCI) seeks to create a sustainable ecosystem for long-term fleet augmentation. This collaboration will not only enhance India’s shipping capabilities but also support the country’s ‘Atmanirbhar Bharat’ (self-reliant India) initiative by encouraging domestic shipbuilding and reducing overseas dependence.

Government Support and Future Maritime Development Plans

The initiative forms part of a broader ₹69,725-crore national shipbuilding program, which includes multiple funding and support schemes. Among these are the Shipbuilding Financial Assistance Scheme, extended through 2036 with a corpus of ₹24,736 crore, the Maritime Development Fund worth ₹25,000 crore, and the Shipbuilding Development Scheme valued at ₹19,989 crore. Together, these efforts aim to achieve an annual shipbuilding capacity of 4.5 million GT (Gross Tonnage). Additionally, the government plans to launch the Bharat Container Shipping Line, which will strengthen India’s global container presence and improve logistics competitiveness.

India’s decision to build 112 vessels in collaboration with oil PSUs highlights its growing commitment to maritime modernization and economic independence. By expanding its national fleet and investing heavily in shipbuilding infrastructure, India is positioning itself as a global maritime power. The initiative not only promises to enhance trade efficiency but also to create job opportunities and strengthen the country’s presence in international shipping.