India Targets USD 1 Trillion Investment In Maritime Sector By 2047

(MENAFN- KNN India) New Delhi, Jan 23 (KNN) India's maritime sector is on the brink of a transformative leap, requiring a staggering USD 1 trillion investment by 2047 and Rs 5 lakh crore by 2030 to unlock its full potential, according to T.K. Ramachandran, Secretary, Union Ministry of Ports, Shipping & Waterways.

Speaking at the FICCI Maritime Conference and Expo 2025 in Mumbai, he outlined the government's vision for decarbonisation and expansion of the sector.

To drive sustainability, green hydrogen production hubs are being established at Paradip, Tuticorin, and Kandla ports, with 4,000 acres of land already leased to half a dozen companies.

Production is expected to commence within a year, marking a pivotal step in reducing shipping emissions.

Ramachandran highlighted the upcoming enforcement of the Hong Kong Convention on Ship Recycling in June, which will position India as a global leader in ship recycling.

Indian yards, particularly those in Alang, Gujarat, are already compliant with the Convention's standards.

Union Minister for Ports, Shipping & Waterways underscored the maritime sector's role as the cornerstone of India's economic resurgence.

By 2047, India's port capacity is expected to expand sixfold to 10,000 million tonnes (MT) annually, propelling the country into the ranks of the top 10 maritime nations.

Major ports currently handle 820 MT of cargo annually, a 47 per cent rise since 2014, with total capacity doubling to 1,630 MT during the same period.

The Minister announced significant infrastructure developments, including the Vadhavan Port in Maharashtra, which will become India's largest container facility, and the International Container Transshipment Port at Galathea Bay in Great Nicobar, designed to dominate global transshipment routes.

Efficiency gains are evident, with vessel turnaround times now at 0.9 days and container dwelling times reduced to three days.

Nine Indian ports feature in the World Bank's 2023 Container Port Performance Index, with Visakhapatnam ranking in the global top 20.

Challenges remain, as highlighted by Sanmar Shipping's Subba Rao, who called for a focus on skilled labor and sustainable fuels.

During the event, the FICCI-CRISIL Knowledge Report on India's shipbuilding potential was unveiled, showcasing opportunities to elevate India into a global shipbuilding hub.

With these strides, India's maritime sector is set to steer the nation toward economic prosperity and global leadership.

(KNN Bureau)

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