India has set its sights on becoming a global leader in shipbuilding by 2030, with aspirations to be among the top five nations by 2047, according to Union Minister of Ports, Shipping, and Waterways, Mr. Sarbananda Sonowal. Speaking at the ‘Sagarmanthan – The Great Oceans Dialogue,’ he outlined the country’s vision to capitalize on its vast talent pool and resources to strengthen the shipbuilding sector while focusing on sustainable practices, including promoting a circular blue economy.
The maritime industry plays a crucial role in India’s trade, handling approximately 95% of the country’s trade by volume and 70% by value. With 12 major and over 200 minor ports, India’s geographical advantage on key global shipping routes enhances its strategic role in oceanic trade. The country serves as a critical transit hub for cargo moving between East Asia and regions such as America, Europe, and Africa.
Currently ranked as the 16th-largest maritime nation, India boasts a fleet of 1,530 ships and ranks as the third-largest ship recycler by tonnage. In FY24, Indian ports processed 819.22 million tonnes of cargo, marking a 4.45% year-on-year growth, which aligns with the increase in merchandise exports. The country’s exports surged to $451 billion (₹37.2 lakh crore) in FY23, up from $417 billion (₹34.4 lakh crore) the previous year. This growth reflects the maritime sector’s vital role in India’s economic development and its ongoing efforts to enhance trade capabilities and maritime infrastructure.
