India aims to become global shipbuilding leader by 2047
India wants to make waves in global shipbuilding, aiming to join the world's top five by 2047.
The Ministry of Ports, Shipping and Waterways is leading this push, hoping to boost the maritime sector's share of GDP from 4% up to 12%.
Right now, India holds less than a 1% slice of the global shipbuilding market—but they're looking to change that in a big way.
What is being done to achieve the target
To get there, the government has rolled out initiatives like the Shipbuilding Finance Assistance Scheme and set up a $3 billion Maritime Development Fund focused on building and repairing ships.
There are also fresh subsidies for eco-friendly builds and a National Shipbuilding Mission in play.
Plus, India is opening doors for public-private partnerships with 100% foreign investment allowed in shipping—all part of a bigger plan to modernize ports and turn India into a serious maritime contender.