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“Blue Economy, Green Future: India’s Shipbuilding Renaissance”

India Charts Course to Become Global Shipbuilding Hub by 2047: MoS Shantanu Thakur.                                                                                                                    

Union Minister Shantanu Thakur has reaffirmed the Centre’s commitment to positioning India as a global shipbuilding hub under its blue economy vision. Speaking at the 14th INMEX SMM India, he said shipbuilding and repair will be key growth engines, targeting India’s rise into the world’s top 10 maritime nations by 2030 and top 5 by 2047. Currently, India holds less than 1% of the global shipbuilding share, dominated by China, Korea, and Japan. To change this, the government has introduced policies such as the ₹25,000 crore Maritime Development Fund, Shipbuilding Financial Assistance Policy 2.0 (extended till 2036), and incentives for green-fuel vessels. Maharashtra has launched India’s first Shipbuilding, Ship Repair & Recycling Policy 2025, with six planned shipyard clusters and subsidies up to 60% of project costs. These measures are expected to unlock over ₹2.18 lakh crore in investments and create 1.4 lakh jobs by 2047, aligning India’s shipbuilding growth with sustainable maritime innovation.