The Business Bytes
New Delhi, November 18, 2024 (TBB Bureau): India is embarking on a transformative journey to revolutionize its maritime sector by 2047, backed by a ₹80 lakh crore investment aimed at enhancing port capacity, shipping, shipbuilding, and inland waterways. Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, outlined this ambitious vision during the inaugural session of ‘Sagarmanthan – The Great Oceans Dialogue’ on Monday.
As part of this strategy, India is targeting a port handling capacity of 10,000 million metric tons per annum by leveraging strategic trade routes such as the India-Middle East-Europe Economic Corridor (IMEEC) and the International North-South Transport Corridor, said Sonowal. Key initiatives under this vision include the development of the Vizhinjam International Seaport in Kerala, the establishment of new mega ports at Vadhavan in Maharashtra and Galathea Bay in Nicobar, and the construction of the National Maritime Heritage Complex at Lothal to revive India’s ancient shipbuilding legacy.
The government is also prioritizing clean-energy innovation by preparing to build ships powered by fuels like ammonia, hydrogen, and electric propulsion. These vessels will cater to environmental sustainability goals across brown, green, and blue waters, ensuring that the sector aligns with future global standards.
Highlighting India’s potential to lead the global maritime industry, Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister (EAC-PM), stressed that the country’s technological capabilities, skilled workforce, trade volume, and extensive coastline position it to build 10-12% of the world’s ships and own or flag 8% within the next decade.
In addition to domestic advancements, India is strengthening international ties to boost its maritime growth. On the sidelines of the event, Sonowal held a bilateral meeting with Christos Stylianides, Greece’s Minister of Maritime Affairs and Insular Policy. The leaders discussed ways to deepen collaboration and agreed to double trade between the two nations from the current USD 1.94 billion by 2030, with a focus on expanding economic cooperation and enhancing access to the European Union market.
By 2047, India’s vision aims to transform the maritime sector into a cornerstone of national and global progress, combining economic growth with sustainability. Through strategic investments, technological advancements, and global partnerships, the country is set to emerge as a leading maritime power.
