India seeks to become leading shipbuilding nation by 2047
Date
12/29/2024 3:59:55 AM
(MENAFN) India is working towards establishing itself as one of the world's leading shipbuilding nations, with a goal to secure a significant position in the global maritime industry, according to Minister of shipping and ports Sarbananda Sonowal. To achieve this, the country is in the process of updating its regulations to attract more investment into the sector.
Sonowal highlighted that the enactment of two key pieces of legislation—the Coastal Shipping Bill and the Merchant Shipping Bill—will "revolutionize" India's maritime sector. These laws are expected to boost Indian ship ownership and streamline business operations in the country, ultimately fostering growth and competitiveness.
“Our ambition is to make India a global leader in areas such as shipbuilding, ship repair, and ship recycling,” Sonowal explained. "By 2030, we aim to be among the top ten maritime nations, and by 2047, we aspire to be in the top five."
This strategic move is part of India's broader vision to strengthen its position as a major maritime player in the coming decades.
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