India to be among top 10 global ship manufacturers by 2030: Union Minister of Ports, Shipping and Waterways, Mr. Sarbananda Sonowal

India aims to become a leading global shipbuilding nation by 2030, with aspirations to be among the top five by 2047, as announced by Union Minister of Ports, Shipping and Waterways Mr. Sarbananda Sonowal at 'Sagarmanthan - The Great Oceans Dialogue.' Leveraging its talent pool and resources, the country is focused on enhancing its shipbuilding and sustainability efforts, including fostering a circular blue economy. The maritime sector, which handles about 95% of India's trade by volume and 70% by value, forms the backbone of its trade and commerce. With 12 major and over 200 minor and intermediate ports, India's strategic location on global shipping routes reinforces its importance in ocean trade, serving as a transit point for cargo ships traveling between East Asia and destinations like America, Europe, and Africa.

As the 16th-largest maritime nation globally, India’s contributions include a fleet of 1,530 ships and being the third-largest in ship recycling by tonnage. In FY24, Indian ports handled 819.22 million tonnes of cargo, marking a 4.45% YoY growth. This reflects the surge in merchandise exports, which rose to US$ 451 billion (Rs. 37.2 lakh crore) in FY23 from US$ 417 billion (Rs. 34.4 lakh crore) a year earlier. Such progress highlights the sector's integral role in India's economic growth and aligns with the nation's broader goals of enhancing its maritime infrastructure and trade capabilities.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.