India poised to be among top 5 shipbuilding nations by 2047 : Shantanu Thakur
MUMBAI : With less than 1% share in global shipbuilding currently, India is on course to be among the world’s top five countries in this arena by 2047, according to the Centre. “The Government of India, through the Ministry of Ports, Shipping and Waterways and the Directorate General of Shipping, is committed to positioning India as a new hub for shipbuilding,” Shri Shantanu Thakur, Minister of State, Ministry of Ports, Shipping and Waterways, Government of India, said here on Wednesday.
“The nation has a clear goal of ranking among the top 10 maritime nations by 2030 and among the top 5 by 2047,” he said, while speaking at INMEX SMM India 2025, a maritime event organised by Informa Markets in India.
He said shipbuilding and repair would serve as vital growth engines of India’s ‘blue economy’, generating employment, enhancing global competitiveness, and driving sustainability through green shipping initiatives and modernised infrastructure.
“While the maritime sector currently contributes 4% to India’s GDP and just 1% of global tonnage, the vision is to raise its share to 12% of national GDP and advance it from the 16th position globally to the fifth by 2047,” said Shyam Jagannathan, Director General of Shipping, Ministry of Ports, Shipping and Waterways.
“Indian seafarers already represent 12% of the global workforce, with a goal to expand this to around 25%, making shipbuilding and repair central to this transformation,” he said.
He said the government was strongly supporting the ambition through initiatives such as the Shipbuilding Finance Assistance Scheme, the Maritime Development Fund, shipbuilding and repair clusters, a National Shipbuilding Mission, the Shipbreaking Credit Note scheme, and upfront subsidies of up to 30% for non-conventional builds.
“Under Maritime India Vision India is firmly on course to emerge as a global maritime superpower,” he emphasised.
Sabyasachi Hajara, Chairman, INMEX SMM India Advisory Board, said, “The Government of India has taken unprecedented measures to boost the maritime sector, including the establishment of a $3 billion Maritime Development Fund, with nearly 45% earmarked for shipbuilding and ship repair, and 20% for building Indian tonnage, alongside investments in port infrastructure and coastal shipping.”
“While India currently accounts for about 1% of global tonnage with around 18 million deadweight and ranks 16th globally, these initiatives are expected to help the nation move into the top 10 maritime powers,” he said.
“Similarly, though India’s share in the $200 billion global shipbuilding industry is under 1%, the country is making remarkable strides in building green ships, reflecting its commitment to sustainable growth and global competitiveness,” he added.
Speaking at the three-day industry event, Yogesh Mudras, Managing Director, Informa Markets in India, said, “India’s maritime sector is steadily emerging as a cornerstone of the nation’s growth story, with shipbuilding and repair positioned as pivotal drivers of the Blue Economy.”
“A key enabler of this transformation is the increasing private sector participation, supported by progressive policies such as 100% FDI under the automatic route in shipping and shipbuilding. Public-private partnerships are also playing a defining role, with the government’s $82 billion investment plan to expand port capacity by 2035 marking a decisive step toward modernizing infrastructure,” he added.