India’s Shipbuilding Vision 2047

GS 3 – Infrastructure

Context

• India currently holds less than 1% share in global shipbuilding.
• The Government of India has set an ambitious target to position India among the top five shipbuilding nations by 2047.
• Announcement made by Shantanu Thakur, Minister of State for Ports, Shipping, and Waterways.

Government’s Vision

• Goal:
  • To move up from current global ranking to top 30 by 2030.
  • To achieve top 5 position by 2047.
• Part of India’s ‘Blue Economy’ strategy:
  • Promoting economic growth,
  • Enhancing global competitiveness,
  • Driving sustainability through green shipping initiatives,
  • Modernising shipyards and ports.

Strategic Targets

• Increase India’s contribution to global GDP from shipping:
  • Currently at 0.5%, aiming to increase share to 12% by 2047.
• Expand shipbuilding and repair workforce:
  • From 12% to 25% of the global shipbuilding workforce.
• Focus on sustainable and green shipbuilding practices.

Government Support Initiatives

Several policy measures and schemes are being implemented:

1. Shipbuilding Finance Assistance Scheme – to provide financial aid to shipyards.
2. Maritime Development Fund – $3 billion fund to boost shipping and related infrastructure.
3. National Shipbuilding Mission – to coordinate and streamline development efforts.
4. Shipbreaking Credit Note Scheme – to encourage ship recycling and green practices.
5. Subsidies and incentives:
   • Up to 30% for conventional shipbuilding,
   • Up to 100% for non-conventional builds.

Importance of Shipbuilding for India

• Strengthens India’s maritime economy and trade competitiveness.
• Boosts employment generation in skilled shipbuilding and repair sectors.
• Enhances national security by reducing dependence on foreign-built ships.
• Positions India as a global maritime superpower.