T.K. Ramachandran, Secretary, Union Ministry of Ports, Shipping & Waterways (MoPSW), stated that in order to fully realize the potential of the Indian marine industry, $1 trillion must be invested by 2047 and Rs 5 lakh crore by 2030. According to him, measures have been taken to decarbonize the maritime industry by establishing green hydrogen production hubs at the ports of Paradip, Tuticorin, and Kandla. Speaking at the FICCI Maritime Conference and Expo 2025 in Mumbai, he stated that production is anticipated to start in a year and that multiple companies have already leased 4,000 acres of land close to these ports for green hydrogen facilities.
Since recycling yards in Alang currently adhere to the Convention’s requirements, he claimed that the Hong Kong Convention on Ship Recycling, which would go into effect in June, will help Indian shipyards and establish India as a major player in the global ship recycling industry. Speaking at the event, the Union Minister for Ports, Shipping & Waterways stated that India’s port capacity would double to 10,000 MT annually by 2047 and that the country’s marine industry has emerged as a key component of its economic recovery.
This would make India on the top 10 maritime countries in the globe, he said. He said India’s major ports are already handling 820 MMT of cargo annually, which is a 47% growth since 2014. The overall port capacity has doubled to 1,630 MMT during the same period he said. Stating that India has entered era of Mega Ports, the Minister said the Vadhavan Port in Maharashtra is set to become India’s largest container facility, and the International Container Transshipment Port at Galathea Bay in Great Nicobar would capture transhipment trade along key global routes.
Emphasising that the modernisation drive in the maritime sector has already yielded significant efficiency gains, he said the container dwelling time has now reduced to three days, while vessel turnaround time has improved to 0.9 days, surpassing several advanced economies.
During the conference, the Union Minister unveiled the FICCI-CRISIL Knowledge Report on ‘Forging New Horizons: The Growth of India’s Shipbuilding and Repair Industry’. The report highlights the journey of the global and Indian shipbuilding markets, the factors driving growth and how India holds the potential to become a leading hub for shipbuilding and repair.
