India doubles down on shipbuilding to become global maritime power

NEW DELHI: The shipbuilding industry in India is undergoing a transformational shift, as the government under Prime Minister Narendra Modi accelerates efforts to build a world-class maritime ecosystem, according to Sarbananda Sonowal, Minister of Ports, Shipping and Waterways.

In line with the Maritime India Vision 2030 and the long-term strategic roadmap of Amrit Kaal, the Union Budget 2025 has announced a series of reforms and investments aimed at significantly enhancing the capacity and competitiveness of Indian shipyards.

“These initiatives are expected to strengthen India’s position as an emerging global maritime power,” Sonowal said at the ongoing monsoon session of the Lok Sabha.

Highlighting the government's commitment, Sonowal underlined the “Shipbuilding Financial Assistance Policy which is being revamped to address cost disadvantages,” thereby helping Indian shipyards compete on equal footing with their international counterparts.

The inclusion of credit notes for ship breaking in Indian yards reinforces the push towards a circular and sustainable maritime economy.

To boost infrastructure financing, large ships above a specified size will now be classified under the Infrastructure Harmonised Master List, making them eligible for long-term, low-interest funding.