India to spend ₹70,000cr on making its own ships
India's government is putting nearly ₹70,000 crore into making its own ships instead of relying on imports—which currently handle 95% of the country's trade.
The package extends financial help for shipbuilders through 2036 and sets up a new ₹25,000 crore Maritime Development Fund.
There's also a fresh scheme to boost shipyard capacity and infrastructure.
India aims to become a major shipbuilding hub by 2047
Right now, India makes less than 1% of the world's ships while China builds about 70%.
With this push, India hopes to expand its shipbuilding capacity to 4.5 million gross tons annually, attract huge investments, and create up to 30 lakh jobs.
The plan also aims to bring in big global players like Hyundai and Mitsubishi—reflecting the government's ambition for India to become a major shipbuilding hub by 2047.