India's Shipping Surge: Building 112 Vessels to Save Billions

Union Shipping Minister Sarbananda Sonowal announced the construction of 112 vessels in partnership with oil PSUs, saving USD 350 billion by 2047. This initiative supports India's maritime growth, backed by new policies and funding schemes to enhance shipbuilding and competitiveness, while promoting self-reliance.

In a significant boost to India's maritime infrastructure, Union Shipping Minister Sarbananda Sonowal announced plans to build 112 vessels in collaboration with oil public sector units. This initiative is projected to save USD 350 billion in foreign exchange by 2047, marking substantial progress in the country's self-reliance journey.

The vessels are part of a broader strategy involving multiple transformative policies aimed at enhancing the domestic shipbuilding industry. The government has introduced a comprehensive Rs 69,725 crore package, extended the Shipbuilding Financial Assistance Scheme until 2036, and established a Maritime Development Fund, all designed to foster growth and competitiveness in the sector.

Sonowal also highlighted the induction of India's first Very Large Gas Carrier 'Shivalik' at Visakhapatnam Port, underscoring the government's commitment to making India a global maritime hub. The initiatives align with the Atmanirbhar Bharat vision, ushering in an era of indigenous growth and energy logistics excellence.

(With inputs from agencies.)