India Charts Course To Become Global Shipbuilding Power By 2047, Signs Rs 10 Trillion MoUs At Maritime Week

India has set its sights on emerging as one of the world’s top five shipbuilding nations by 2047, with a strong push towards self-reliance in the maritime sector.

Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal announced on Monday (27 October) at the India Maritime Week 2025 (IMW 2025) in Mumbai that the government is focused on expanding the domestic fleet and shipbuilding capacity to reduce dependence on foreign carriers.

"Since we do not have ships, we pay $70-75 billion every year to foreign shipping firms. We will increase our own fleet and flagged ships so that we can save Rs 4-5 trillion every year. That is our aim to become self-reliant", Sonowal said.

The event, aimed at shaping India’s maritime vision for Viksit Bharat 2047, saw the signing of memorandums of understanding (MoUs) worth Rs 10 trillion, of which Rs 1.55 trillion will be directed towards the shipbuilding segment.

Sonowal noted that India’s port capacity has doubled over the past decade from 1,350 million tonnes per annum (MTPA) to 2,700 MTPA and cargo handling has grown significantly.

Looking ahead to 2047, India aims to quadruple port capacity to 10,000 MTPA, enable 10-fold growth in cruise tourism and increase the share of coastal and inland waterways cargo to 12 per cent in the modal mix, he said.

The event also witnessed several high-profile announcements and partnerships.

Amit Shah, Union Home Minister, said the government has raised the maritime sector’s budget sixfold and highlighted the $10 billion Vadhavan Port and $5 billion Great Nicobar project as pivotal to India’s global maritime ambitions.

A major highlight was the Maritime Cooperation MoU between India and the Netherlands, including a Letter of Intent to establish a Green and Digital Sea Corridor connecting Indian ports with Rotterdam.

Multiple business MoUs were also signed with leading Indian and global firms including Adani Ports, JSW Infrastructure, Goa Shipyard and Abu Dhabi Ports Group covering green shipbuilding, financing, and port expansion.

Please click here to add Swarajya as your preferred and trusted news source on Google

Also Read: Trump, Takaichi Seal Minerals Pact, Vow To Deepen US–Japan Ties Amid Trade Push