Ahead of President Vladimir Putin’s December visit to India, Russian and Indian delegations engaged in talks to enhance cooperation, notably in shipbuilding. Reports confirm Russia’s intent to assist India in developing its shipbuilding industry, aligning with India’s proactive investment strategies for its maritime sector.
Led by Foreign Minister Sergey Lavrov, the Russian delegation emphasized the importance of the Russia-India strategic partnership. Discussions included the establishment of shipbuilding and repair bases in Mumbai and Chennai, with an emphasis on achieving “green shipbuilding”. Both sides expressed a commitment to strengthen maritime capabilities and reduce India’s reliance on foreign shipyards.
In recent years, collaboration in shipbuilding has intensified, marked by significant orders such as the construction of 24 cargo vessels from Goa Shipyard, and the commissioning of four icebreakers from Indian shipyards valued at over $700 million. Meanwhile, India is aiming to elevate its status in global shipbuilding, targeting a top ten position by 2030.
Despite impressive growth projections for India’s shipbuilding market, which is expected to expand from $90 million in 2022 to over $1.12 billion by 2024, it currently holds only about 1% of the global market share, ranking 16th worldwide. This indicates a considerable journey ahead to match leaders like China, South Korea, and Japan.
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