The Business Bytes
New Delhi, July 4, 2024 (TBB Bureau): The Indian government is set to unveil a new Ship Building and Ship Repair Policy as part of its 100-day action plan, aiming to elevate India among the top 10 global players in the sector by 2030 and the top 5 by 2047, according to TK Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways.
Addressing a workshop attended by over 100 participants from 50 organizations, Ramachandran highlighted the potential for the Indian shipbuilding market, projecting opportunities exceeding $237 billion (Rs 20 lakh crore) by 2047, driven by domestic shipping needs.
The workshop focused on revitalizing India’s shipbuilding and repair ecosystem in alignment with the Maritime India Vision 2030 (MIV 2030) and Amrit Kaal Vision 2047 goals. Discussions centered on strategies to integrate stakeholder inputs into policy formulation within the first 100 days, fostering a conducive environment for industry growth.
Ramachandran emphasized the role of collaborative efforts between demand generators and suppliers to harness the full potential of India’s shipping industry. Key topics included addressing challenges faced by Indian shipyards, incentivizing growth on both supply and demand sides, and facilitating industry support through the Ministry’s initiatives.
Highlighting India’s strides in sustainable shipbuilding, the Ministry underscored ongoing efforts to develop indigenous low-emission and zero-emission vessels, positioning India as a leader in green maritime technology.
Moving forward, the Ministry of Ports, Shipping, and Waterways aims to consolidate industry efforts through the establishment of Maritime Clusters, promoting a cohesive approach to enhance competitiveness and sustainability in Indian shipbuilding.
