Modi says India spends $75B on foreign shipping firms
Prime Minister Narendra Modi shared that India spends nearly $75 billion every year on foreign shipping companies—almost as much as the country's defense budget.
Speaking in Bhavnagar, he said this huge outflow is due to old policies that sidelined Indian shipbuilding.
Modi called for reviving the industry to boost self-reliance and national pride.
PM explains why India is losing money
Modi pointed out that about 50 years ago, Indian-built ships handled 40% of our trade.
But after policies favoring foreign leasing during Congress rule, India now depends on foreign vessels for 95% of its trade—leading to big payments overseas and fewer jobs at home.
The share of Indian-built vessels handling our trade has dropped from about 40% 50 years ago to just 5% today.
Infrastructure status given to shipbuilding projects
To turn things around, the government has given "infrastructure" status to large shipbuilding projects so financing is easier.
Since 2015, over 40 Indian-made naval vessels have been commissioned—including INS Vikrant built with local steel.
Modi announced plans for a ₹70,000 crore investment in modernizing shipyards and highlighted how stronger shipbuilding could help sectors like steel and MSMEs too.