The Ministry of Ports, Shipping, and Waterways (MoPSW) is gearing up to introduce a new shipbuilding scheme that aims to provide incentives to Indian shipyards until 2035. This initiative, as revealed by Ports, Shipping, and Waterways Secretary T K Ramachandran, is designed to propel India into the top 10 shipbuilding nations by 2030 and eventually into the top five by 2047, a significant leap from its current ranking of 22nd in the world.
Ramachandran highlighted that the new policy will encompass various measures to support Indian shipyards, signaling a strategic move to boost the country’s shipbuilding capabilities. This development underscores the government’s commitment to fostering growth and competitiveness in the maritime sector.
One notable development is the interest shown by global cruise major MSC Cruises in deploying their ships for domestic itineraries in India. This collaboration could potentially open up new opportunities for the Indian cruise industry and enhance the country’s tourism sector.
Furthermore, MoPSW, in collaboration with the Ministry of Petroleum and Natural Gas, is exploring the possibility of establishing a joint venture between the Shipping Corporation of India (SCI) and oil marketing companies to own large tankers. This strategic partnership aims to optimize resources and enhance operational efficiency in the shipping industry.
In line with the government’s focus on promoting sustainable practices, Ramachandran emphasized the ministry’s commitment to green shipping initiatives. The ministry plans to provide financial assistance of 30% for vessels powered by green fuels such as methanol, ammonia, or hydrogen fuel cells. Additionally, vessels equipped with fully electric or hybrid propulsion systems will be eligible for a 20% financial assistance scheme.
The emphasis on green shipping reflects a broader global trend towards environmental sustainability in the maritime sector. By incentivizing eco-friendly practices, the government aims to reduce carbon emissions and promote cleaner technologies in the shipping industry.
Overall, the Ministry of Ports, Shipping, and Waterways‘ new shipbuilding scheme signals a proactive approach towards enhancing India’s shipbuilding capabilities and fostering sustainable growth in the maritime sector. With a strategic focus on incentivizing Indian shipyards, promoting green shipping practices, and fostering strategic partnerships, the ministry is poised to drive significant advancements in the country’s maritime industry.