India partners with South Korean shipyards to boost its shipbuilding sector, aiming for a global top-five rank by 2047.
India has taken a significant step toward transforming its shipbuilding industry by forging strategic partnerships with South Korea, a global leader in the field. With an ambition to join the ranks of the top 10 shipbuilding nations by 2030 and the top five by 2047, India seeks to overcome critical challenges in the sector and expand its global influence.
Currently holding less than 1% of the global shipbuilding market, Indian shipyards face hurdles such as long construction timelines, limited expertise in building specialised vessels, and high production costs. To tackle these, a high-level Indian delegation led by T.K. Ramachandran, Secretary of the Ministry of Ports, Shipping, and Waterways, visited South Korea. The delegation engaged with industry giants like Hyundai Heavy Industries and Samsung Heavy Industries to explore advanced technologies and productivity methodologies.
The collaboration focuses on improving ship design, adopting efficient production practices, and acquiring technical know-how for specialised vessels such as LNG carriers and oil tankers. It also aims to foster green shipping technologies and ancillary unit development.
Complementing these efforts, the Indian government is drafting a comprehensive shipbuilding policy. Key measures include subsidies for green and conventional vessels, a ₹25,000 crore Maritime Development Fund, and the establishment of maritime clusters in Andhra Pradesh, Gujarat, and Odisha.
By leveraging South Korea’s expertise and robust government support, India is poised to capture a significant share of the global maritime market, driving economic growth and job creation while expanding its influence in the maritime sector.
