Mitsui O.S.K. Lines (MOL), Japan’s second-largest shipping company, is actively seeking partnerships with Indian firms to locally build tankers. This initiative aligns with India’s goal to bolster domestic manufacturing in the maritime industry.
To enhance foreign investment in shipbuilding, ports, and shipyards, the Indian government is modernizing maritime laws. By 2047, the government aims to reduce freight payments to foreign firms by at least one-third, reflecting India’s strategic focus on self-sufficiency in the maritime sector.
Despite significant trade growth driven by increasing energy imports and refined petroleum exports, India’s shipping fleet has not kept pace with demand. In response, the government announced a ₹250 billion ($2.84 billion) Maritime Development Fund in its February budget, aimed at providing long-term financing for shipbuilding and repair infrastructure.
Shipbuilding has been identified as a priority sector in India’s initiative to evolve into a global manufacturing hub, with substantial investments planned across various industries. This strategic focus underscores India’s ambition to enhance its status in the maritime domain.
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