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Context:

The Union Ministry of Ports, Shipping & Waterways, stated that the Indian marine sector needs $1 trillion in investment by 2047 and ₹5 lakh crore by 2030 to reach its full potential.

Details

The FICCI-CRISIL report titled “Forging New Horizons: The Growth of India’s Shipbuilding and Repair Industry” emphasizes India’s potential to become a leading hub for shipbuilding and repairs.

About India's Maritime Sector

The maritime sector refers to the comprehensive network of ports, shipping, shipbuilding, ship repair, and inland waterways along the extensive coastline.

The sector plays an important role in the trade and economy by handling around 95% of India's trade volume.

India is considered the 16th largest maritime nation globally, spread across its 7,500 km coastline.

Key Components of India's Maritime Sector

• Ports and Shipping:
  • • India has  13 major ports, including Mumbai, Chennai, Kolkata, and Jawaharlal Nehru Port Trust (JNPT), which handle a significant portion of the country's cargo.
    • India has over 200 minor and intermediate ports, contributing to regional trade and economic development.
    • As of FY 2023-24, the cargo handling capacity at major ports is approximately 1,629 million tonnes per annum (MTPA).
• Shipbuilding and Ship Repair:
  • • India has a robust shipbuilding industry with several shipyards, including Cochin Shipyard Limited and Mazagon Dock Shipbuilders Limited, capable of constructing various vessels, from commercial ships to naval assets.
    • India is a global leader in ship recycling, Alang in Gujarat being the world's largest ship-breaking facility.
• Inland Water Transport: India developed many national waterways to reduce logistics costs and improve connectivity.

Recent Report by the Union Ministry of Ports, Shipping & Waterways

The Indian maritime sector needs an investment of $1 trillion by 2047 and ₹5 lakh crore by 2030 to unlock its full potential.

The government is setting up green hydrogen production hubs at Paradip, Tuticorin, and Kandla ports. Several companies have leased land at these ports, and production is expected to begin within a year.

The Hong Kong Convention, effective from June 2025, will benefit Indian shipyards, as recycling yards in Alang already comply with the Convention's standards. This positions India as a global leader in ship recycling.

The maritime sector is central to economic growth, with port capacity expected to increase sixfold by 2047. Ports are already driving trade, with 95% of trade by volume and 70% by value passing through them.

Government support the maritime sector

• The government has launched the Sagarmala Programme, with ₹3,714 crore allocated for 130 projects focusing on port development, coastal berths, and connectivity.
• The Maritime India Vision (MIV) 2030 is a 10-year roadmap to establish India as a global maritime leader.
• The Green Tug Transition Program (GTTP) aims to replace conventional tugs with eco-friendly alternatives by 2040.
• Maritime India Vision 203 has helped increase port traffic, coastal tonnage, and cargo volume handled by National Waterways. 
• Sagarmala Programme
• This program includes the introduction of a one-time trading license for vessels, cabotage relaxation, and a web-based Port Community System. 
• Green Tug Transition Program aims to phase out conventional tugs at major ports and replace them with environmentally friendly tugs. 
• Shipbuilding Financial Assistance Policy (SBFAP) to  provide financial aid to boost India's shipbuilding competitiveness.

Conclusion

India aims to become a global maritime leader by modernizing ports, expanding capacity, and leveraging green initiatives. Its compliance with international standards, such as those for ship recycling, further enhances its standing in the global maritime market. Programs like the Sagarmala Programme, Maritime India Vision 2030, and the Green Tug Transition Program are modernizing infrastructure, promoting green shipping, and improving port connectivity for a sustainable and innovative future in the global maritime domain. 

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INDIA'S MARITIME, PORT, SHIPPING SECTOR

Source: 

THE HINDU