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New Delhi [India], October 16:<\/strong> <\/span>India\u2019s shipbuilding industry is charting an ambitious new course \u2014 from a modest player in global ship construction to a serious contender among the world\u2019s top five shipbuilding nations by 2047. Backed by bold government reforms, strategic investments, and strong advocacy from the Shipyards Association of India (SAI), the sector is entering what many call its most transformative phase yet.<\/p>\n A Sea of Opportunity<\/strong><\/p>\n Despite having one of the world\u2019s longest coastlines \u2014 stretching over 7,500 km \u2014 India\u2019s share in global shipbuilding\u00a0is\u00a0under 1%. But the tides are turning. With the Maritime Vision 2047 setting a clear roadmap, the government and industry are united in their mission: to expand capacity, attract global orders, and build a self-reliant maritime economy.<\/p>\n India\u2019s current global rank of around 16th in shipbuilding highlights the gap \u2014 but also the immense potential. Only a small percentage of ships\u00a0flying the Indian flag are built domestically. That\u2019s about to change. The government has committed to adding 1,000 new commercial vessels over the next two decades, signaling a massive wave of opportunity for Indian shipyards and allied industries.<\/p>\n Strategic and Economic Significance<\/strong><\/p>\n The push for indigenous shipbuilding isn\u2019t just economic \u2014 it\u2019s strategic. India\u2019s growing naval shipbuilding capabilities have already strengthened the nation\u2019s defense readiness and technology base. Now, that expertise is being channeled into the commercial segment, supporting India\u2019s broader goals of self-reliance and energy security.<\/p>\n Each ship built in India represents more than just tonnage \u2014 it means thousands of jobs, demand for Indian steel, and reduced outflow of foreign exchange. With billions of dollars currently spent annually on freight to foreign shippers, a vibrant domestic shipbuilding sector could redirect this capital into national growth.<\/p>\n India\u2019s Competitive Edge<\/strong><\/p>\n What gives India its edge in this competitive industry? For starters, cost advantage. With lower labor costs and a skilled technical workforce, Indian shipyards can build high-quality vessels at globally competitive rates. Add to that India\u2019s strategic location along major shipping routes \u2014 ideal for both commercial builds and quick-turnaround repairs \u2014 and the appeal becomes even stronger.<\/p>\n But it\u2019s not just about cost or location. Indian shipbuilders are embracing the future through green and niche technologies. From LNG-powered carriers to hybrid and electric vessels, shipyards are investing in sustainable innovation to meet the world\u2019s demand for cleaner maritime transport. This early focus on eco-friendly vessels positions India uniquely in the global shipbuilding landscape.<\/p>\n Moreover, decades of experience in naval and defense shipbuilding\u2014 through entities like Cochin Shipyard and Mazagon Dock \u2014 have built deep technical expertise. These shipyards, which have successfully delivered complex projects like aircraft carriers and submarines, now bring the same engineering precision and project management discipline to commercial shipbuilding, along with competent private shipyards.<\/p>\n The Challenges Ahead<\/strong><\/p>\n However, the path to maritime resurgence isn\u2019t without rough waters. Indian shipyards continue to grapple with high capital costs, import dependence, and infrastructure bottlenecks. Access to affordable, long-term financing remains a challenge, especially when competitors in South Korea or China enjoy heavy state-backed support.<\/p>\n Many critical ship components \u2014 from engines to marine electronics \u2014 are still imported, driving up costs and timelines. Productivity gaps, outdated facilities, and the need for greater technological modernization also limit global competitiveness.<\/p>\n The Shipyards Association of India (SAI) has consistently raised these concerns, emphasizing the need for sustained policy support and a holistic ecosystem approach to overcome structural disadvantages.<\/p>\n Government Reforms: A Maritime Makeover<\/strong><\/p>\n Recognizing the sector\u2019s strategic importance, the government has launched a series of groundbreaking initiatives to steer the industry toward global prominence.<\/p>\n At the heart of this effort are the Maritime India Vision 2030 and Vision 2047, which lay out targets to elevate India into the global top ten by 2030 and top five by 2047. Complementing this long-term vision are immediate, tangible reforms:<\/p>\n Financial Assistance Scheme:<\/strong>\u00a0Extended till 2036 with a fresh outlay of Rs.24,736 crore, it offsets a portion of shipbuilding costs, helping Indian yards compete with foreign counterparts.<\/p>\n Maritime Development Fund:<\/strong>\u00a0A\u00a0Rs.\u00a025,000 crore fund introduced in the 2025 Union Budget provides long-term, low-interest loans to shipbuilders and shipping companies, addressing the capital crunch.<\/p>\n Infrastructure Status for Shipbuilding:<\/strong>\u00a0Recognized in 2025, this long-awaited move opens access to infrastructure financing, though industry leaders continue to advocate for its inclusion under income tax benefits as well.<\/p>\n Domestic Procurement Preferences:<\/strong>\u00a0Indian shipyards now enjoy a Right of First Refusal (ROFR) on government contracts, while vessels below\u00a0Rs.\u00a0200 crore must be sourced from domestic builders.<\/p>\n Tax and Duty Relief:<\/strong>\u00a0Basic customs duty exemptions on shipbuilding materials have been extended for another decade, easing input costs and encouraging local production.<\/p>\n Integrated Shipbuilding Clusters:<\/strong>\u00a0 Eight maritime clusters are being planned across coastal states to co-locate shipyards, suppliers, and R&D centers \u2014 mirroring the successful East Asian model.<\/p>\n National Shipbuilding Mission:<\/strong>\u00a0Launched in 2025 with a\u00a0Rs.\u00a070,000 crore budget, it unifies all major initiatives, from financial aid and infrastructure to technology and skilling.<\/p>\n These measures, combined, are setting the stage for a once-in-a-generation industrial resurgence.<\/p>\n SAI: The Voice of Indian Shipyard<\/strong><\/p>\n At the center of this transformation is the Shipyards Association of India (SAI) \u2014 the industry\u2019s collective voice and policy advocate. SAI has played a pivotal role in securing reforms like infrastructure status, financing support, and the creation of the Maritime Development Fund.<\/p>\n Its recent collaboration with the Indian Steel Association to prioritize domestic steel in shipbuilding is a landmark step toward reducing import dependence. The Association also engages regularly with key ministries, coordinates between public and private yards, and promotes best practices through workshops and training.<\/p>\n SAI\u2019s efforts extend beyond policy \u2014 it\u2019s also building public awareness. Through conferences, publications, and social media outreach, SAI is working to change perceptions of shipbuilding from an old-fashioned industry to one that\u2019s modern, green, and full of opportunity.<\/p>\n India Ship Technology Centre: The Innovation Engine<\/strong><\/p>\n A major milestone in this journey is the upcoming inauguration of the India Ship Technology Centre (ISTC) at the Indian Maritime University, Visakhapatnam. Backed by\u00a0Rs.\u00a0305 crore, ISTC will serve as a national hub for ship design, R&D, and skill development \u2014 the nerve center of India\u2019s maritime innovation.<\/p>\n It will act as a common platform for shipyards, suppliers, and academia, fostering collaboration and accelerating the development of indigenous technologies in next-generation shipbuilding.<\/p>\n Riding the Wave of Demand<\/strong><\/p>\n The timing couldn\u2019t be better. A consolidated demand for 112 new vessels has already been aggregated by major Oil & Gas PSUs like ONGC, IOCL, BPCL, and GAIL. Specifications for 79 priority vessels \u2014 including MR Tankers, VLGCs, and Offshore Support Vessels \u2014 have been finalized, guaranteeing a healthy order pipeline for Indian yards.<\/p>\n This aggregation effort, aligned with the \u201cMake in India\u201d mandate, is set to boost production, generate employment, and ensure that India\u2019s maritime needs are met by its own shipyards \u2014 not foreign ones.<\/p>\n Setting Sail Toward 2047<\/strong><\/p>\n As the global shipping industry seeks new capacity and cleaner technologies, India stands at the cusp of a historic opportunity. The foundations have been laid \u2014 through visionary policies, industry collaboration, and growing demand. The challenge now lies in execution: modernizing shipyards, scaling supply chains, and sustaining policy momentum.<\/p>\n If successful, India won\u2019t just build ships \u2014 it will build a legacy of self-reliance, innovation, and maritime might.<\/p>\n With every vessel launched from Indian shores, the nation sails a little closer to its Maritime Vision 2047 \u2014 a vision of a prosperous, resilient, and globally admired shipbuilding powerhouse.<\/p>\n The upcoming India Maritime Week (IMW) 2025, is scheduled from 27th<\/sup>-31st\u00a0<\/sup>\u00a0October 2025. This event is being organised by Ministry of Ports, Shipping & Waterways is a testament to India\u2019s commitment to fostering national & International dialogue and sustainable growth in the maritime sector. The initiatives of the government aims to provide inclusive growth and sustainable maritime development, fostering strategic partnerships to shape India\u2019s journey as a global maritime hubs.<\/p>\n Website:\u00a0www.shipyardsassociationofindia.com<\/a><\/p>\n Contact Information:<\/p>\n Mobile: +91-9650 279551<\/p>\n Email:\u00a0shipyardsassociationofindia@gmail.com<\/a>\u00a0\/\u00a0ceo@shipyardsassociationofindia.com<\/a><\/p>\n If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" New Delhi [India], October 16: India\u2019s shipbuilding industry is charting an ambitious new course \u2014 from a modest player in global ship construction to a serious contender among the world\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":59916,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":66},"categories":[9],"tags":[674],"class_list":["post-59915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-pressrelease","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","_links":{"self":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/59915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/comments?post=59915"}],"version-history":[{"count":0,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/59915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media\/59916"}],"wp:attachment":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media?parent=59915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/categories?post=59915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/tags?post=59915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}