India’s New Policy Aims to Propel Shipbuilding to Top Global Ranks

The Ministry of Ports, Shipping and Waterways is formulating a shipbuilding scheme to incentivize Indian shipyards until 2035. The policy aims to boost India’s ranking to the top among shipbuilding nations by 2030 and top five by 2047. It includes partnerships and green shipping initiatives.

The Ministry of Ports, Shipping and Waterways is developing a shipbuilding scheme that will incentivize Indian shipyards until 2035, according to a senior government official.

Ports, Shipping and Waterways Secretary T K Ramachandran stated the new policy aims for India to be among the top 10 shipbuilding nations by 2030 and within the top five by 2047, moving up from its current 22nd position globally.

Additionally, global cruise leader MSC Cruises is interested in deploying ships for domestic routes, while the ministry plans a joint venture involving the Shipping Corporation of India and oil companies for large tankers. Green shipping incentives will also feature, including financial aid for eco-friendly propulsion systems.

(With inputs from agencies.)