Budget Expectation Quote on Shipping Sector by Vivek Merchant, Director, Swan Defence and Heavy Industries

2025-01-14 05:51:03 pm | Source: Swan Defence and Heavy Industries

Budget Expectation Quote on Shipping Sector by Vivek Merchant, Director, Swan Defence and Heavy Industries

News By Tags | #ExpertViews #PreBudgetExpectations #UnionBudget2025 #VivekMarchant #SwanDefenceandHeavyIndustries

Below the Budget Expectation Quote on Shipping Sector by Vivek Merchant, Director, Swan Defence and Heavy Industries

Budget Expectation:

"The Indian government’s emphasis on improving shipping infrastructure and promoting indigenous shipbuilding has significantly transformed the sector. India holds a mere 0.05% of the global market share in shipbuilding, in stark contrast to China (~47%), South Korea (~30%), and Japan (~17%), which currently dominate the industry.

Therefore, new Government initiatives and improved budgetary allocations for ports and shipyards could be game changers, showcasing a clear vision for a robust maritime economy. The announcement of India’s Maritime Development Fund (MDF) for long-term indigenous manufacturing projects and the anticipated Shipbuilding Subsidy (SBS) Policy 2.0 could further strengthen the ecosystem, encouraging greater self-reliance and competitiveness.

As we approach 2025, it is crucial for the Union Budget to prioritize investments in shipbuilding infrastructure, incentivize green technologies, and create export opportunities for Indian shipyards."

Sustainability and Innovation:

"As the global maritime industry pivots toward sustainability, Swan’s Shipyard is prioritizing the development of eco-friendly ships with hybrid propulsion systems. Our facility is equipped to handle advanced fabrication projects while adhering to stringent quality standards. India’s commitment to reducing its carbon footprint and embracing green technologies will define the next decade of maritime growth. At Swan, we are proud to contribute to this journey by building a sustainable and self-reliant shipbuilding ecosystem."

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Budget Expectation Quote on Shipping Sector by Vivek Merchant, Director, Swan Defence and Heavy Industries

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