Under the 100 days action plan of the central government, the Ministry for Ports, Shipping & Waterways will draft a new shipbuilding and repair policy.
The aim is to bring India among the top 10 global destinations for shipbuilding and repair, under the Maritime India Vision 2030. The Amrit Kaal Vision 2047 raises the goal a notch higher for positioning India among the top five. The cargo carried by Indian flagged vessels currently stands at around 5% and this ratio will drop further if proper measures are not taken to expand the tonnage under Indian flag.
If the tremendous demand stemming from the needs of the Indian shipping market are adequately targeted by Indian shipyards, it may result in an opportunity to the extent of over USD 237 billion (Rs 20 lakh crore) by 2047.
