INSUBCONTINENT EXCLUSIVE:
Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal4 min read Last Updated : Sep 16 2024 | 12:25 AM IST
In what could be
technology sharing, or other forms of collaboration
coastal states to meet its ambitious targets
Currently, India ranks 20th in global shipbuilding, with just a 0.06 per cent share of the market
In contrast, China, South Korea, and Japan dominate the industry, commanding 85 per cent of the global share, according to a recent shipping
clusters will be developed and operational within the next 10 years, followed by an additional 1-2 clusters within the subsequent five
Most of the capital support from the central government will primarily come from a ~30,000 crore Maritime Development Fund, 49 per cent of
which will be financed by the Centre, and the rest through port authorities and private investors.
The shipbuilding industry has informed
the government that its primary logistical requirement for establishing successful shipbuilding clusters is to get access to large
shipbuilding activities, allowing for the construction, launching, and testing of ships, while sufficient channel depth is necessary to
accommodate the movement of large vessels in and out of the shipyards
investment gaps by developing common maritime assets, such as dry docks, testing ranges, and R-D centers, which can be shared across the
This will reduce capital expenditure for individual companies and promote overall industry growth.
Sonowal said the focus was to identify
and repurpose existing tracts of land that may be underutilised or not utilised to their fullest potential
By offering access to these common assets, the government aims to reduce the capital expenditure required by individual companies, thus
or flagged vessels has fallen to just 5.4 per cent over the past decade
Without intervention, this share may fall further, which may reduce the role of Indian-built ships even in the domestic market.
In the
shipyards, etc, have not achieved the desired results.First Published: Sep 16 2024 | 12:25 AMIST
