India has set its sights on becoming a global leader in the shipbuilding industry by 2030 and aims to rank among the top five nations in the sector by 2047. This ambitious vision was unveiled by Union Minister of Ports, Shipping, and Waterways, Mr. Sarbananda Sonowal, at the prestigious 'Sagarmanthan - The Great Oceans Dialogue.' Leveraging its abundant resources, strategic location, and talented workforce, India is focusing on enhancing shipbuilding capabilities while promoting sustainability and a circular blue economy.

The maritime sector forms the backbone of India's trade and commerce, handling approximately 95% of trade by volume and 70% by value. With 12 major and over 200 minor and intermediate ports, India occupies a strategic position on global shipping routes. These ports serve as pivotal transit points for cargo ships traveling between East Asia and continents like America, Europe, and Africa, cementing India's role in global ocean trade.

A Growing Maritime Economy

India currently ranks as the 16th-largest maritime nation globally, boasting a fleet of over 1,530 ships. Additionally, the country is recognized as the third-largest ship recycler by tonnage. This robust performance underscores India's rising prominence in the maritime domain.

In FY24, Indian ports collectively handled 819.22 million tonnes of cargo, reflecting a 4.45% year-on-year growth. This increase is closely linked to the surge in merchandise exports, which grew to US$ 451 billion in FY23, up from US$ 417 billion the previous year. Such progress highlights the pivotal role of maritime infrastructure in advancing India's trade capabilities.

Advancing Sustainability and Blue Economy

India's focus extends beyond trade to include sustainable practices in its maritime activities. By fostering a circular blue economy, the nation is aligning its growth with environmental conservation. Ship recycling, a key area of sustainability, is being promoted to reduce waste and enhance resource efficiency.

The government is also investing in modernizing port infrastructure and adopting technologies that improve efficiency and reduce carbon footprints. These initiatives not only bolster economic growth but also position India as a responsible global player in the maritime sector.

Strategic Vision for 2047

With aspirations to lead the global shipbuilding industry, India is focusing on enhancing its maritime capabilities and expanding its presence in international waters. This vision aligns with broader national goals of becoming a self-reliant economy and achieving global recognition in various sectors by 2047.

As the nation progresses, its maritime ambitions will play a crucial role in shaping India's economic trajectory. Stakeholders in the industry, policymakers, and global partners are optimistic about the potential of India’s maritime future.

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