India targets top-five global shipbuilding position by 2047

India has announced a long-term strategy to become one of the world’s top five shipbuilding nations by 2047. The government aims to increase domestic shipbuilding capacity from approximately 1 million gross tonnes (GT) to 4.5 million GT, with an intermediate goal of entering the global top 10 by 2030.

To support this growth, the government is implementing a support package valued at approximately €7 billion. This includes the development of integrated “mega shipping clusters” that consolidate shipyards, manufacturers, and logistics providers within dedicated industrial zones. These clusters are being developed through partnerships between central and state governments, offering incentives such as tax benefits and land-related concessions.

In addition to expanding capacity, the government plans to add 100 vessels to its merchant fleet over the next five years. However, the industry faces challenges regarding an ageing fleet. According to the ‘Indian Shipping Statistics 2025’ report, nearly half of India’s registered vessels are more than 20 years old. Currently, 67.27% of the fleet is either over 20 years old or in the 16-20-year age bracket, representing a significant portion of the nation's total tonnage.