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The Government will come up with a new Ship Building and Ship Repair Policy soon under the 100-day action plan with the aim of taking India into the ranks of the top 10 countries in the sector by 2030 and the top 5 by 2047, Secretary, Ministry of Ports, Shipping, and Waterways, T.K. Ramachandran, said on Thursday.

“If the tremendous demand stemming from the needs of the Indian shipping market are adequately targeted by Indian shipyards, it may result in an opportunity to the extent of over $237 billion (Rs 20 lakh crore) by 2047,” according to an official statement.

Ramachandran chaired a workshop on Thursday that was attended by more than 100 participants from 50 organisations including various government ministries, departments, shipping operators, and public sector as well as private shipyards.

Strategies for revitalising the shipbuilding and repair ecosystem within India and aligning it with India's ambitious Maritime India Vision 2030 (MIV 2030) and Amrit Kaal Vision 204 were discussed at the meeting. MIV 2030 has set a bold target to elevate India's global ranking in shipbuilding and ship repair from over 20th place to the top 10 and an ambitious goal has been set for the top 5 position, as outlined in the Amrit Kaal Vision 2047.

“The inputs and insights that have been received from the distinguished voices of the Industry were noted and the Ministry hopes to address the various issues that were raised, incorporate them into their 100 days agenda, and suitably help develop and nurture the ecosystem to achieve the ambitious targets,” according to an official statement issued after the workshop.

“Through this interactive workshop, MoPSW aims to present specific policies based on stakeholder inputs and invite further valuable contributions to drive demand and capacity growth in these sectors,” Ramachandran said.

The idea of the event was to bring the demand generators and the suppliers/builders onto a collaborative common platform to formulate ideas to ensure that the large demand from the Indian shipping industry becomes an opportunity for the shipbuilding industry.

In the event, the stakeholders deliberated upon the limitations of Indian shipyards, the incentives needed, both on the supply and demand sides, and the assistance that could be provided by the MoPSW to facilitate the same.

“Notable advancements made in the development of indigenous low-emission or zero-emission ships/vessels by Indian shipbuilding companies showcase our potential to lead the world in safe sustainable and green shipbuilding,” the official statement said.

MoPSW is working on an integrated approach to bringing together shipbuilding stakeholders through the development of Maritime Clusters, it added.