Maharashtra is developing a ₹20,000-crore greenfield shipbuilding cluster at Dighi in Raigad, spearheaded by Mazagon Dock. The site’s strategic location near port infrastructure and its extensive industrial land aim to bolster India’s shipbuilding capabilities, attracting investments and enhancing maritime services essential for a robust manufacturing hub.
South Korea is preparing for a second wave of investments in India, focusing on shipbuilding and defence manufacturing. This shift signifies an evolution in bilateral ties, as South Korean firms venture beyond traditional sectors. With India aiming for self-reliance, collaboration in these areas offers significant potential for growth and technological transfer.
Gujarat has launched a shipbuilding subsidy of up to ₹50 crore for local shipyards, aiming to boost India’s maritime industry. This initiative offers financial support of 8% on eligible expenses, enhancing shipyard infrastructure and promoting domestic vessel production. It aligns with national efforts to position India among the top shipbuilding nations by 2047.
The Korean Register (KR) has partnered with Microsoft Korea to develop an AI-driven digital ship classification system, enhancing innovation in shipbuilding. The memorandum of understanding marks a significant expansion from cloud migration to AI advancements, focusing on data-driven classification, generative AI, and new digital business models to boost global competitiveness.
Garden Reach Shipbuilders and Engineers (GRSE) Ltd has taken a noteworthy step in global commercial shipbuilding by laying the keel for its fourth vessel in the Multi-Purpose Vessel (MPV) project. This milestone reflects GRSE’s commitment to the “Make in India, Make for the World” initiative, enhancing its international presence.
During the Norway-India Business and Research Summit, Prime Minister Narendra Modi announced ambitious incentives to enhance India’s manufacturing capabilities, particularly in shipbuilding. He aims to increase India’s share of Norway’s ship construction from 10% to 25% in five years, promoting green initiatives and attracting global investment in strategic manufacturing.
The Andhra Pradesh Maritime Board and Visakhapatnam Port Authority have signed a Memorandum of Understanding to create a special purpose vehicle (SPV) for a National Mega Shipbuilding Cluster in Dugarajapatnam. This initiative, backed by a ₹19,989 crore budget, aims to enhance shipbuilding, repair, and maritime infrastructure in the region.
The European Commission has unveiled strategies to modernize Europe’s maritime industry and ports, focusing on shipbuilding and infrastructure. The initiatives aim to enhance security, promote decarbonization, and improve operational efficiency. The Ports Strategy will transform ports into digital, energy-efficient hubs, reinforcing Europe’s role in global shipping and economic resilience.
India’s maritime sector is transforming, highlighted by a contract between CMA CGM and Cochin Shipyard Limited for six LNG-fuelled feeder vessels. This initiative, supported by key government figures, underscores the growing collaboration between global shipping companies and Indian shipyards, aligning with the country’s strategic maritime development policies.
Cochin Shipyard Limited has emerged as the lowest bidder for a ₹5,000 crore contract to construct five Next Generation Survey Vessels for the Indian Navy. This status was confirmed in a Ministry of Defence meeting in New Delhi, with contract finalization pending necessary formalities. The shipyard insists there are no related party transactions involved.
India is positioning itself to meet the global demand for large ships, such as VLCCs and container vessels, under a ₹25,000 crore shipbuilding scheme. Union Minister Sarbananda Sonowal highlighted partnerships with South Korean firms and a ₹70,000-crore maritime development package to enhance shipbuilding capabilities and port infrastructure.
India aims to boost its shipbuilding capacity, targeting a spot among the top five shipbuilding nations by 2047. Cochin Shipyard Limited (CSL) is poised to benefit from substantial investments and policy reforms. Director General of Shipping, Shyam Jagannathan, stressed the need to reduce dependence on foreign fleets amid shifting geopolitical dynamics.
The European Commission plans to propose measures to strengthen the EU shipping industry by promoting “Made in EU” initiatives. These will encourage public authorities to consider sustainability and product origin in supplier selection. The European Investment Bank may also ease financing for shipowners, enhancing local ship production and competitiveness.
The Gujarat Maritime Board (GMB) is optimistic about the Union Budget’s provisions set to bolster the state’s maritime sector. With initiatives in coastal shipping and shipbuilding, Gujarat aims for rapid growth. The new Shipbuilding Financial Assistance Scheme seeks to elevate coastal freight movement, positioning the state as a premier maritime hub.
The Union Budget for 2026 allocates ₹5,164.80 crore to the Ministry of Ports, Shipping, and Waterways, a significant rise from last year’s ₹3,470.58 crore. Key allocations include ₹1,000 crore for the Maritime Development Fund, ₹515 crore for the Shipbuilding Financial Assistance Scheme, and ₹250 crore for capacity development initiatives.
