India’s primary, long-term goal is to become one of the world’s top five shipbuilding nations by 2047. This objective is part of a broader vision to establish India as a global leader across the entire maritime value chain, which includes shipbuilding, repair, and recycling. Achieving self-sufficiency in this sector is intended to save foreign exchange (currently an estimated USD 70-75 billion annually spent on foreign services), create new jobs, and attract major investments.
Progress and Capacity Expansion
Significant progress has been made over the last 11 years, demonstrating a focus on self-reliance and indigenous capacity building:
- Major Ports’ Capacity: Nearly doubled from 1,350 million tonnes per annum (MTPA) to more than 2,700 MTPA.
- Total Cargo Handled: Grew from 976 million metric tonnes (MMT) to over 1,600 MMT.
- Inland Waterways Cargo Movement: Increased by a substantial 400 per cent.
- Global Trade Share: India aims to triple its share in global trade by 2047 through digitalisation, policy reforms, and capacity expansion.
Investment Focus Areas from MoUs
The Ministry of Ports, Shipping and Waterways announced plans to sign approximately 680 Memorandums of Understanding (MoUs), collectively valued at ₹10 lakh crore across the maritime sector. Key investment allocations include:
- Shipbuilding and Related Activities: ₹1.5 lakh crore
- Green Fuels and Sustainability: ₹1.7 lakh crore
- Port Modernisation and Logistics: ₹1.5 lakh crore
Additionally, business MoUs worth around ₹55,000 crore were signed with leading Indian and global companies for innovation and sustainability in the sector.
Key International Partnership
A key highlight of the event was the strategic partnership formed between India and the Netherlands:
- Maritime Cooperation MoU: Signed for general cooperation in the sector.
- Green and Digital Sea Corridor: A Letter of Intent (LoI) was signed to establish a Green and Digital Sea Corridor linking Indian ports with the Port of Rotterdam. This partnership will focus on cooperation in clean fuels (such as hydrogen, ammonia, and methanol), digital port operations, and logistics innovation.
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Source: Marine Insight
