Priyanka Tiwari
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Suspense crime, Digital Desk : In a bold and strategic move to claim its place on the world's maritime stage, India is drafting an ambitious new policy to transform itself into a global shipbuilding and repair hub. The plan aims to directly challenge the long-standing dominance of industry giants like China, South Korea, and Japan, moving India from a minor player to a top contender in the lucrative global market.
The government's vision is comprehensive and far-reaching. The goal is to elevate India's share of the global shipbuilding market from its current standing of less than 1% to an impressive 10% by 2047. This initiative is a cornerstone of India’s broader “Make in India” and self-reliance campaigns, designed to reduce the nation's heavy dependence on foreign-built vessels for its trade and defense needs.
At the heart of this maritime revolution is a "full-spectrum" strategy that covers every aspect of the industry. Here’s how India plans to navigate these ambitious waters:
1. Fuelling the Fleet with Financial Muscle:
To attract investment and energize domestic shipyards, the government is preparing a robust package of financial incentives. This is expected to include significant subsidies, long-term financing options, and attractive tax breaks. The new policy will likely overhaul or replace the existing Shipbuilding Financial Assistance Policy to make it more competitive and effective, ensuring a steady flow of capital into the sector.
2. Sailing into a Sustainable Future:
Recognizing the global shift towards environmental responsibility, India is placing a strong emphasis on "green shipping." The plan encourages and supports the construction of eco-friendly vessels powered by next-generation fuels like green hydrogen, ammonia, and methanol. By positioning itself at the forefront of sustainable technology, India aims to capture a niche but rapidly growing segment of the market.
3. Building a Robust Ecosystem from the Ground Up:
A ship is more than just its hull. The strategy includes fostering a domestic ecosystem of ancillary industries that produce everything from engines and electronics to specialized steel. The goal is to create self-sufficient shipbuilding clusters where design, construction, and component manufacturing happen in close proximity, boosting efficiency and cutting reliance on imported parts.
4. A Clearer, Long-Term Vision:
This new shipbuilding policy is a key component of India's long-term economic frameworks, including the "Maritime India Vision 2030" and the "Amrit Kaal Vision 2047." By creating a stable and predictable policy environment, the government hopes to send a clear signal to global investors that India is serious about its maritime ambitions for decades to come.
While the challenge is immense, the potential rewards are transformative. A successful push into shipbuilding would not only save billions in foreign exchange but also create a wave of high-skilled jobs, bolster national security, and solidify India's status as a major economic power on the global stage. The course is set, and India is ready to set sail.
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