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India has set an ambitious goal to attract INR 80 lakh crore (approximately USD 1 trillion) in investments to its maritime sector by 2047. This initiative, part of the Maritime Amrit Kaal Vision, aims to position India among the top five shipbuilding nations globally. The strategy includes enhancing port infrastructure, expanding shipbuilding capabilities, and creating 1.5 crore jobs. The India Maritime Week (IMW) 2025, scheduled from late October in Mumbai, is expected to play a pivotal role in advancing these objectives.
The Indian government has unveiled an ambitious plan to attract INR 80 lakh crore (approximately USD 1 trillion) in investments to the country's maritime sector by 2047. This initiative is part of the Maritime Amrit Kaal Vision, which aims to transform India into a global maritime leader. Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, emphasized that this vision aligns with the broader goal of a 'Viksit Bharat' by 2047. Advertisement
The planned investments will span various segments of the maritime industry, including ports, shipbuilding, ship repair, and ship recycling. Of the total investment, approximately INR 54 lakh crore is expected to be allocated to the development of indigenous shipbuilding and shipping capabilities. Currently, India accounts for just 0.06% of the global shipbuilding market and controls only 5% of its own maritime tonnage.
The government has also introduced an INR 69,725 crore maritime package to support this vision. This package includes the establishment of a Maritime Development Fund (MDF) to facilitate investments in shipbuilding and related infrastructure. Additionally, the Sagarmala National Bank for Financing Infrastructure and Development (NBFC) is expected to tap into the MDF for up to INR 15,000 crore to support maritime development projects.
The India Maritime Week (IMW) 2025, scheduled from late October in Mumbai, is poised to be a significant event in advancing these objectives. The five-day event is expected to host over 100,000 delegates and 500 exhibitors from more than 100 countries. It will feature over 150 sessions and discussions, focusing on partnerships and investment opportunities in the maritime sector.
The government's vision also emphasizes the creation of 1.5 crore jobs in the maritime sector by 2047. This includes roles in port operations, shipbuilding, logistics, and related industries. The focus is on sustainable and technologically advanced maritime infrastructure, with a strong emphasis on green shipping initiatives. The aim is to reduce environmental impact and improve operational efficiency across the sector.
In line with these objectives, NITI Aayog has proposed a comprehensive three-phase roadmap to enhance India's deep-sea and offshore fishing capabilities. The strategy involves regulatory reforms, modernization of fishing fleets, infrastructure upgrades, improved financing mechanisms, and capacity building. The estimated cost of implementation is over INR 8,000 crore, aiming to harness the untapped potential of India's marine resources and improve economic outcomes for fishing communities.
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