As per reports, the Ministry of Ports, Shipping and Waterways (MoPSW) will soon introduce a new shipbuilding and repair policy under the 100-day action plan.
The Indian overseas and coastal cargo has been witnessing an increasing trend, however, the share of the cargo carried by Indian owned/flagged vessels has been declining over the past decade and presently stands at about 5.4 per cent. If no initiative is undertaken, then this share may decrease further.
Some of the advantages in terms of availability of fleet in times of crisis with owning the fleet needed for national trade include protection against embargoes and protection of India’s valuable foreign exchange reserves, which are presently being spent on chartering and freight management charges to foreign nations. If the tremendous demand from the requirements of the Indian shipping market is adequately targeted by the Indian shipyards, it may result in an opportunity to the extent of more than $237 billion (Rs 20 trillion) by 2047.