India’s $2.9 Billion Investment To Boost Maritime Sector

India has announced a massive $2.9 billion investment to transform its maritime sector, focusing on shipbuilding, repairs, and modernisation.

A new Maritime Development Fund will provide long-term financial aid to boost India’s fleet and expand its global cargo share to 20% by 2047.

Shipbuilding clusters will be developed with modern infrastructure, capital dredging, and tax incentives to attract private investment and green technologies.

The Shipbuilding Financial Assistance Policy will inject ₹18,090 crores into Indian shipyards, helping them compete globally and secure more orders.

India is also incentivising ship scrapping with a credit note scheme, encouraging fleet renewal with domestically built vessels.

Ports will undergo a ₹6,100 crore modernisation, while shipbuilding R&D and workforce training will receive over ₹2,800 crores in funding.

These bold initiatives are expected to generate 1.1 million jobs and propel India towards becoming a global maritime powerhouse by 2047.