India's Vision for Self-Reliance in Shipbuilding by 2047
India aims to achieve self-reliance in shipbuilding and become one of the top-five nations in this sector by 2047. The focus is on increasing the domestic fleet to reduce the dependency on foreign shipping firms and save an estimated ₹4-5 trillion annually.
Financial Commitments and Investments
- The government plans to sign MoUs worth ₹10 trillion at the India Maritime Week 2025 (IMW 2025).
- ₹1.55 trillion will be specifically allocated to the shipbuilding sector.
- A broader vision includes ₹80 trillion worth of investments, aiming to create 15 million jobs and promote green shipping.
- Out of the planned ₹80 trillion, around ₹54 trillion will be dedicated to developing indigenous shipbuilding and shipping capabilities.
Progress and Future Plans
- India's port capacity has doubled in the last 11 years, from 1,350 MTPA to 2,700 MTPA.
- Cargo handling at Indian ports increased from 976 MTPA to over 1,640 MTPA.
- Coastal shipping cargo rose by 77%, while inland waterways cargo grew significantly.
- By 2047, India aims to quadruple port capacity to 10,000 MTPA and enhance cruise tourism.
Infrastructure Development Initiatives
- The budget for the maritime sector has increased from $40 million to $230 million.
- Significant projects include the $10 billion Vadhavan Port and the $5 billion Great Nicobar project.
- The Sagarmala project aims to complete 839 projects worth $70 billion by March 2026, with 272 projects already completed.
- The development of India’s largest dock at Cochin Shipyard involves a $200 million investment.
India Maritime Week 2025 Overview
- The fourth edition of IMW hosts 100,000 delegates from 85 countries, including 11 global ministers and five Indian chief ministers.
- More than 400 exhibitors are showcasing technologies at the event.