India pays around $75 billion or around Rs 6 lakh crores to foreign shipping companies as a rent: PM
BHAVNAGAR : Prime Minister Shri Narendra Modi highlighted a startling fact about India’s dependence on foreign shipping during his address at the ‘Samudra se Samriddhi’ event in Bhavnagar on Saturday. Speaking at the inauguration and foundation-laying of development projects worth over Rs 34,200 crore, he stressed the need for India to become self-reliant in the maritime sector.
Dependence costs nation dearly
PM Modi pointed out that India currently pays nearly $75 billion, or around Rs 6 lakh crore, every year to foreign shipping companies. “This amount is almost equal to India’s defence budget,” he said, emphasising that decades of reliance on foreign ships have not only drained national resources but also created millions of jobs abroad. The prime minister called this dependence a major obstacle to India’s growth and self-respect.
PM Modi traced India’s proud maritime history, noting that over fifty years ago, Indian ships handled over 40 per cent of the country’s trade. Misguided policies, he said, allowed this share to fall to just 5 per cent, while the rest of the trade relied on foreign vessels.
PM Modi announced that next-generation reforms are underway to revive shipbuilding, simplify port operations, and make India a major maritime power by 2047.
Major reforms to boost self-reliance
Under new initiatives, India is implementing ‘One Nation, One Document’ and ‘One Nation, One Port’ processes to streamline trade. Large ships have been given infrastructure status, easing financing and boosting domestic shipbuilding.
Over Rs 70,000 crore will be invested in schemes to modernise shipyards, enhance technology, and strengthen design capabilities. The prime minister underscored the “Mother of All Industries” effect, where shipbuilding fuels growth across steel, machinery, electronics, textiles, and IT sectors.
On the other hand, PM Modi inaugurated the Mumbai International Cruise Terminal and laid the foundation for multiple projects at major ports, including Paradip, Kandla, Chennai, and Ennore.
He also announced the construction of a world-class maritime museum at Lothal and highlighted Gujarat’s key role, with its ports handling 40 per cent of India’s sea cargo. These efforts, he said, will create millions of jobs and triple India’s share in global maritime trade by 2047.