India’s Maritime Sector Needs $1 Trillion Investment by 2047

The Indian maritime sector is projected to require a substantial investment of $1 trillion by 2047 and ₹5 lakh crore by 2030 in order to fully exploit its potential, according to T.K. Ramachandran, Secretary of the Union Ministry of Ports, Shipping & Waterways. Steps have been initiated for the establishment of green hydrogen production hubs at Paradip, Tuticorin, and Kandla ports to facilitate the decarbonization of the shipping industry. Several companies have already leased land near these ports for green hydrogen facilities, with production expected to commence within a year. Mr. Ramachandran noted that half a dozen companies have expressed interest in investing in these areas.

At the FICCI Maritime Conference and Expo 2025 in Mumbai, it was highlighted that the Hong Kong Convention on Ship Recycling, effective from June, will benefit Indian shipyards as recycling yards in Alang already comply with the Convention’s standards. This positions India as a key player in the global ship recycling market. The Union Minister for Ports, Shipping & Waterways emphasized that India’s maritime sector is crucial for the country’s economic growth, with port capacity set to increase sixfold to 10,000 MT per annum by 2047, propelling India into the top 10 maritime nations worldwide.

India has entered an era of Mega Ports, with Vadhavan Port in Maharashtra poised to become the country’s largest container facility. Additionally, the International Container Transshipment Port at Galathea Bay in Great Nicobar is expected to attract transshipment trade along major global routes. The modernization efforts in the maritime sector have already yielded significant efficiency gains, with container dwelling time reduced to three days and vessel turnaround time improved to 0.9 days, surpassing several advanced economies. Nine Indian ports are now featured in the World Bank’s Container Port Performance Index 2023, with Visakhapatnam ranking among the top 20 globally.

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