India aims to rank among the world’s top 10 shipbuilding countries by 2030, announced Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal on Tuesday. Speaking at the ‘Sagarmanthan – The Great Oceans Dialogue,’ Sonowal emphasized the pivotal role of the Global South in shaping 21st-century ocean trade.
“With our abundant talent and resources, India is well-positioned to become a leading shipbuilding nation. We aim to secure a spot in the top 10 by 2030 and work towards joining the top 5 by 2047,” he stated.
The minister also engaged with technical experts to explore ways of fostering a circular blue economy. An official statement highlighted that the dialogue focused on addressing sustainability challenges at sea, emphasizing eco-friendly solutions for maritime operations.
India’s maritime sector plays a critical role in its economy, handling 95% of trade by volume and 70% by value. Supported by 12 major and over 200 smaller ports, the sector is integral to the nation’s growth. Ranked 16th globally in maritime capacity, India serves as a key hub on international shipping routes. Its waters are vital for cargo ships connecting East Asia with regions like America, Europe, and Africa.
India’s shipping industry is further bolstered by its fleet of 1,530 registered vessels and its position as the third-largest ship recycler globally. In the financial year 2024, Indian ports processed 819.22 million tonnes of cargo, marking a 4.45% annual growth. This surge aligns with rising merchandise exports, which reached $451 billion in FY23, up from $417 billion in the previous year.
