India is planning to set up a new shipping company to expand its fleet by at least 1,000 ships in the next decade. The company will be jointly owned by state-run companies in the oil, gas and fertiliser industries, which would provide it with business, along with the Shipping Corporation of India and foreign companies.
As per reports, the target is to reduce freight outgoings to foreign firms by at least a third by 2047.
Currently, India has a fleet of about 1,500 large vessels including tankers, gas carriers, container ships and dry bulk carriers.