As per reports, the Ministry of Ports, Shipping and Waterways (MoPSW) is working on a new shipbuilding scheme to incentivise Indian shipyards till 2035. With this, India will strive to become among the top 10 shipbuilding nations by 2030 and the top five by 2047, from being ranked at 22nd in the world, at present.
Additionally, the MoPSW in coordination with Ministry of Petroleum and Natural Gas is planning to have a joint venture between the Shipping Corporation of India and oil marketing companies to own large tankers. However, the model of ownership is still to be decided depending on demand requirements and market conditions.