India is actively working to boost its shipbuilding and repair sector. The government is expected to introduce a new shipbuilding and repair policy .
Key Initiatives and Goals:
- Maharashtra’s Shipbuilding Policy: The Maharashtra government has approved a Shipbuilding, Ship Repair and Ship Recycling Policy 2025 .
- Investment and Job Creation: This policy aims to attract ₹6,600 crore in investment and generate 40,000 jobs by 2030, with projections of ₹18,000 crore investment and 330,000 jobs by 2047 .
- Increasing Market Share: Maharashtra aims to increase its share of India’s shipbuilding and repair capacity from 11% to 33% by 2030 .
- Government Support: The Union government has allocated ₹25,000 crore under the Maritime Development Fund and ₹4,000 crore under the shipbuilding support policy from 2016 to 2026 .
- Strategic Partnerships: A.P. Moller – Maersk and Cochin Shipyard Limited (CSL) have signed a Memorandum of Understanding (MoU) to explore collaboration opportunities in ship repair, maintenance, and building activities in India .
- Vision 2047: These initiatives align with the Government of India’s Vision 2047 maritime objectives, which aim to position India among the top five global maritime hubs .
- Financial Assistance: The policy includes capital subsidies of up to 15% of project costs, financial support for workforce training and R&D, and transparent land allotments by the Maharashtra Maritime Board .
- Infrastructure Development: Focus on building strategic infrastructure such as integrated maritime clusters, modern dry docks, and support facilities .
Challenges:
- Low labor productivity
- Lack of ancillary industries
- Limited capital
- Outdated technology
- Competition from global players
- Bureau of Indian Standards restrictions on recycled steel
- High taxes
India’s Current Status:
- India ranks 21st globally in shipbuilding .
- India ranks second in ship recycling with a 32.6% share .
In summary, India is implementing policies and initiatives to significantly expand its shipbuilding and repair industry, with Maharashtra taking a leading role. These efforts are geared towards increasing domestic capacity, attracting investment, creating jobs, and achieving a prominent global position in the maritime sector .for national news click www.eminentnews.com
