India, South Korea Eye Stronger Shipbuilding Ties

India and South Korea are set to deepen cooperation in shipbuilding, aiming to merge Korea’s advanced technologies with India’s growing manufacturing strengths and cost advantages. Following meetings with top Korean shipping executives, India’s Petroleum and Natural Gas Minister Hardeep Singh Puri emphasized the potential to bolster India’s capacity for domestic and global maritime markets.

Puri highlighted India’s heavy reliance on seaborne energy imports, valued at over $150 billion annually, and noted that only 20% of this is transported by Indian-flagged vessels. With India’s demand for crude oil, LNG, LPG, and ethane expected to surge, and state-run ONGC projected to need about 100 offshore vessels by 2034, Puri stressed the importance of technology partnerships with global leaders like South Korea.

Recent Indian maritime reforms, including a ₹69,725 crore package launched in September 2025, aim to strengthen shipbuilding through financial incentives, capacity-building, and cluster development. Key schemes provide funding, investment incentives, and risk coverage to support the industry’s expansion.

The collaboration is expected to boost employment, support the Atmanirbhar Bharat initiative, and further integrate India into global supply chains, reinforcing the nation’s position as a rising maritime and shipbuilding hub.