India's Maritime Revolution: Boosting Self-Reliance in Shipbuilding

The Indian government is aggregating cargo demand and advancing ship-owning to reduce crude import costs, according to Petroleum Minister Hardeep Singh Puri. Efforts include a Maritime Development Fund and shipbuilding financial policies to boost domestic ownership. India's maritime sector is poised to attract significant investments by 2047.

The Indian government is actively working to bolster its maritime sector by aggregating public sector undertakings' cargo demand, according to Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri. This move aims to establish long-term charters for Indian carriers, ultimately driving down the recurring costs associated with crude oil imports.

Speaking at 'India Maritime Week 2025', Minister Puri announced plans to advance the ship owning and leasing entity model to boost domestic ownership. Puri emphasized the inseparable link between energy and shipping, noting the strategic importance for India's economy. As global shipbuilding capacities dwindle, India is encouraging countries like China, Japan, and South Korea to invest locally.

The Maritime Development Fund, along with new policies, aims to boost domestic shipbuilding. The minister noted the critical role of maritime strength and predicted that India's energy demand will account for a significant increase in global demand over the next two decades. Puri projected the sector will attract an $8 trillion investment by 2047.

(With inputs from agencies.)