India Aims to Become Global Shipbuilding Hub by 2047: Sonowal

Singapore, Mar 24 (PTI) India has launched wide-ranging efforts to expand port infrastructure and improve ease of doing business and these reforms are bearing fruit in the form of increased port efficiency, stronger cargo flows, and rising investor confidence, Minister of Shipping, Ports and Waterways Sarbananda Sonowal has said.

Speaking at the Singapore Maritime Week being held from March 24-28, Sonowal said India is working to become a credible and competitive alternative to shipbuilding industries worldwide.

"Through policy incentives, ease of doing business, and infrastructure enhancement, we are laying the foundation for India to emerge as one of the top five shipbuilding nations by 2047," he said.

Highlighting the importance of Green and Sustainable Maritime Future, he said "we are enhancing port operations with green infrastructure, encouraging low-emission shipping, and building the foundation for a greener maritime economy. Indian shipyards are already innovating in the development of low-carbon vessels."

Further, India is establishing three Green Hydrogen Hub Ports — Kandla, Tuticorin, and Paradip — to support the manufacturing of green hydrogen and its derivatives and to pioneer the use of alternative fuels in the maritime domain.

"We are also committed to developing Green Shipping Corridors, including the proposed India-Singapore Green and Digital Corridor, which aligns with our shared focus on clean energy, smart logistics, and sustainability," said Sonowal.

The Minister also stressed on the need for "Digitalization and Innovation for Future-Ready Shipping" and highlighted that the duty-free GIFT City in Gujarat is evolving into a global maritime finance and ship leasing hub, offering a favourable tax and regulatory ecosystem and seamless access to global capital markets.

"Let us remember: oceans do not divide us — they unite us. Together, we can turn today's challenges into tomorrow's opportunities and create a maritime world that serves all of humanity,” the Indian Minister said in a presentation on India's maritime plans.

To support this vision, India has committed USD 20 billion for infrastructure development focused on enhancing multi-modal logistics, port connectivity and trade facilitation, he informed.

Indian ports today handle around 6 per cent of global cargo. By 2047, this share is expected to grow to 15 per cent, the Minister said, adding that the proposed Maritime Development Fund will be instrumental in financing fleet expansion, shipyard modernization, and strategic maritime infrastructure.

"We are also engaging with global partners like the UAE and Singapore to establish Virtual Trade Corridors that will digitally connect ports, enabling seamless cargo movement and reducing bottlenecks,” he informed the participants.

"India is addressing this with long-term, structural solutions. We are actively developing strategic corridors such as the India-Middle East-Europe Economic Corridor (IMEEC), the Eastern Maritime Corridor, and the International North-South Transport Corridor. These initiatives will ensure more diversified and secure trade routes across continents," the Minister said.

The Minister is on a three-day Singapore visit where he is exploring new opportunities, partnerships and working out strategies for collaborations amidst the recent global events that have highlighted the fragility of maritime supply chains.