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According to the Secretary, Union Ministry of Ports, Shipping & Waterways, the Indian maritime sector requires $1 trillion by 2047 and ₹5 lakh crore by 2030 to realize its full potential.

What’s in today’s article?

• India’s Maritime sector
• Investment Required to Transform India’s Maritime Sector - Key highlights

India’s Maritime sector

• India's 7,500-kilometer coastline, with 12 major ports and over 200 minor ones, positions it as a vital trading hub along the world’s busiest shipping routes.
• Overview of India’s Maritime Sector
  • India’s maritime sector handles 95% of trade by volume and 70% by value, with 12 major ports and over 200 minor ones anchoring the economy.
  • With an 87% increase in cargo-handling capacity since 2014-15, India managed 819.22 million tonnes of cargo in FY24, reflecting its growing prominence.
  • Policies like 100% FDI and tax incentives have further strengthened the sector.
• Key Developments in the Maritime Sector
  • Efficiency Gains: Reduced container turnaround time to 22.57 hours in 2023-24.
  • Fleet Expansion: Plans for a new shipping company to add 1,000 ships by 2047.
  • Paradip Port Milestone: Became India’s largest port in FY24, handling 145.38 million tonnes of cargo.
  • Massive Investments: US$ 82 billion allocated for port infrastructure by 2035.
  • Vadhavan Port: Approved at ₹76,220 crore, aiming to boost EXIM trade.
  • Shipbuilding Assistance: Financial aid under SBFAP has secured 313 vessel orders worth ₹10,500 crore.
  • Panch Karma Sankalp: Focus on green shipping, digitization, and smart port development.

Government Schemes Supporting Maritime Growth

• Several government schemes have been launched to modernize infrastructure, enhance port connectivity, and promote sustainability in the sector.
• Sagarmala Programme
  • Promotes port-led development, with ₹3,714 crore sanctioned for 130 projects focused on coastal berths, connectivity, fish harbors, and Ro-Pax services.
• Maritime India Vision (MIV) 2030
  • A 10-year roadmap with 150 initiatives across ports, shipyards, and inland waterways to establish India as a global maritime leader.
• Inland Waterways Development
  • Plans to make 26 new national waterways navigable, easing road and rail congestion while promoting sustainable transport.
• Green Tug Transition Program (GTTP)
  • Aims to replace conventional tugs with eco-friendly alternatives by 2040, ensuring a sustainable future for Indian ports.

Investment Required to Transform India’s Maritime Sector - Key highlights

• The Secretary to the Union Ministry of Ports, Shipping & Waterways said that the Indian maritime sector would need an investment of $1 trillion by 2047 and ₹5 lakh crore by 2030 to harness its full potential.
• He was speaking at the FICCI Maritime Conference and Expo 2025 in Mumbai.
• Green Hydrogen Production Hubs
  • Green hydrogen production hubs will be established at Paradip, Tuticorin, and Kandla ports to decarbonize the shipping sector.
• India as a Global Ship Recycling Market
  • The Hong Kong Convention on Ship Recycling, effective from June, will benefit Indian shipyards.
  • Recycling yards in Alang already comply with the Convention's standards, positioning India as a global leader in ship recycling.
• Maritime Sector's Contribution to Economic Growth
  • India’s maritime sector is central to the country's economic resurgence, with port capacity expected to increase sixfold to 10,000 MT per annum by 2047.
  • Major ports are currently handling 820 MMT of cargo annually, marking a 47% growth since 2014.
  • Overall port capacity has doubled to 1,630 MMT during the same period.
• Development of Mega Ports
  • India has entered the era of mega ports, with key developments such as:
    • Vadhavan Port (Maharashtra): Set to become India’s largest container facility.
    • Galathea Bay (Great Nicobar): International Container Transshipment Port to capture global trade routes.
• Efficiency Gains in Port Operations
• Container dwelling time has reduced to three days.
• Vessel turnaround time has improved to 0.9 days, surpassing several advanced economies.
• Nine Indian ports are featured in the World Bank’s Container Port Performance Index 2023, with Visakhapatnam ranking in the global top 20.
• Challenges highlighted
  • Experts at the event highlighted challenges in skilled labor availability and sustainable fuel adoption for net-zero emissions.
• Report launched
  • A FICCI-CRISIL report titled ‘Forging New Horizons: The Growth of India’s Shipbuilding and Repair Industry’ was unveiled.
  • The report showcased India's potential to become a leading hub for shipbuilding and repairs.