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.