The government will soon present a new shipbuilding and repair policy.

The shipping ministry will soon unveil a new shipbuilding and repair policy as part of a 100-day action plan, a senior government official said on Thursday. Maritime India Vision 2030 (MIV 2030) aims to take India’s shipbuilding and repair ranking to the top 10 in the world, while Amrit Kaal Vision 2047 has an even more ambitious target of reaching the top five.

“The Ministry of Ports, Shipping and Waterways (MoPSW) remains committed to revitalising the shipbuilding and ship repair industry in India.

“…MoPSW will soon present a new Ship Construction and Repair Policy as part of a 100-day action plan,” MoPSW Secretary TK Ramachandran said in an official statement.

Here he conducted a workshop on revitalising the Indian shipbuilding industry.

The ministry’s presentation highlighted the growing trend of Indian cargo being carried overseas and coastal, while pointing out that the share of cargo carried by Indian-owned or Indian-flagged vessels has declined over the last decade and now stands at only about 5.4 per cent, a statement said.

“If we do not take any initiative, this share may come down even further, leading to Indian-owned or Indian-built ships having no relevance even in the Indian shipping market,” the statement said.

It was emphasised that having a fleet to support domestic trade has several key benefits in terms of fleet availability in times of crisis, protection from embargoes and protection of India’s valuable foreign exchange reserves which are currently spent on chartering and managing freight to foreign countries.

“At the same time, if the huge demand arising from the Indian shipping market is properly harnessed by Indian shipyards, it could result in a profit opportunity of over $237 billion (Rs 20 lakh crore) by 2047,” the release said.

The workshop was attended by over 100 participants from 50 organisations, including various government ministries, departments, shipping operators and private sector/state-owned shipyards.