In a bid to revolutionize the Indian shipbuilding and repair industry, the Ministry of Ports, Shipping, and Waterways (MoPSW) held a groundbreaking workshop on July 4, 2024. The event, led by Shri TK Ramachandran, Secretary of MoPSW, brought together key stakeholders, industry experts, and policymakers to chart a course for India’s ambitious Maritime India Vision 2030 (MIV 2030) and Amrit Kaal Vision 2047.
A Commitment to Self-Reliance
Under the leadership of the Hon’ble Prime Minister, India is on a steadfast journey to become a global economic superpower, with a robust maritime sector playing a pivotal role. Shri TK Ramachandran emphasized, “Atma Nirbharta extends to the shipping and shipbuilding industries. Despite advancements in port infrastructure, we remain reliant on foreign vessels and have yet to capture a significant share of the global shipbuilding market. This workshop is a crucial step towards changing that narrative.”
The Challenge and Opportunity
The Ministry’s presentation highlighted a concerning trend: the share of cargo carried by Indian-owned or flagged vessels has been dwindling over the past decade, now standing at a mere 5.4%. Without intervention, this figure could drop further, sidelining Indian ships in our own market. Conversely, if Indian shipyards can meet domestic demand, the opportunity could be worth over USD 237 billion by 2047.
Collaborative Efforts and Insights
With over 100 participants from 50 organizations, including representatives from the Ministry of Defence, Ministry of Coal, DG Shipping, and various private and public sector shipyards, the workshop was a melting pot of ideas. Discussions focused on the limitations of Indian shipyards, necessary incentives, and the role of MoPSW in facilitating growth.
Key insights included the importance of owning a national fleet for crisis management, embargo protection, and conserving foreign exchange reserves. The potential for indigenous low-emission or zero-emission ships also showcased India’s ability to lead in sustainable shipbuilding.
Strategic Vision for the Future
Aligning with MIV 2030 and Amrit Kaal Vision 2047, the MoPSW aims to propel India into the top 10 global shipbuilding nations by 2030 and the top 5 by 2047. These targets are part of a comprehensive strategy to enhance India’s maritime infrastructure and capabilities. Specific goals include handling 1300 MMTPA of coastal cargo and ensuring a greater proportion of Indian overseas cargo is carried on Indian-built ships.
Policies and Initiatives
The MoPSW is set to introduce a new Ship Building and Ship Repair Policy under its 100-day action plan. This policy will incorporate stakeholder inputs and address the challenges highlighted during the workshop. Past initiatives, such as the Shipbuilding Financial Assistance Policy and the Right of First Refusal (ROFR) policy, have laid the groundwork, but more robust measures are needed to stimulate domestic demand.
A Path Forward
Shri TK Ramachandran concluded, “Our goal is to develop capabilities and evolve the sector to global competence. By adopting best practices, protecting exchange reserves, and driving sustainability, we can expand our shipbuilding capacity and make India a global maritime powerhouse.”
The workshop marks a significant step towards revitalizing India’s shipbuilding industry, fostering collaboration among stakeholders, and setting a strategic vision for the future. As the MoPSW moves forward with its ambitious plans, the nation’s maritime sector is poised for a transformative journey, steering India towards economic supremacy on the global stage.
