India Launches Ambitious Maritime Overhaul for a Resilient Future

India's shipbuilding industry is poised for a dynamic transformation as the Modi-led government pushes forward with comprehensive reforms to establish a world-class maritime ecosystem. Union Minister Sarbananda Sonowal emphasized the government's commitment to realizing a Viksit Bharat by 2047, responding to a question in the Lok Sabha this monsoon session.

According to Sonowal, the Union Budget 2025, aligning with the Maritime India Vision 2030, introduces crucial reforms to significantly bolster Indian shipyards' capacity and competitiveness. Key measures include the revamped Shipbuilding Financial Assistance Policy and innovative financing mechanisms, aimed at addressing cost disadvantages against global competitors.

The government's strategy for advancement includes establishing integrated shipbuilding clusters, promoting a circular maritime economy, and inaugurating a substantial Maritime Development Fund. With extended tax exemptions and prioritized procurement policies, India's shipbuilding sector is set to achieve new heights, fostering employment, innovation, and global collaboration.

(With inputs from agencies.)