Defence Minister Rajnath Singh has set a massive target for India’s maritime sector while speaking in Kolkata today. Addressing the Sagar Sankalp Maritime Conclave, he announced that India aims to become one of the top five shipbuilding nations in the world by 2047. He also highlighted the serious situation in the Middle East and how it affects global trade and supply chains.
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What are the new targets for India?
The Defence Minister laid out a clear roadmap for the country’s shipbuilding industry. He emphasized that this is a shared responsibility between the government, private players, and the workforce. The key targets set by the Minister include:
- By 2030: India must secure a place among the top ten shipbuilding nations globally.
- By 2047: The country aims to climb further and reach the top five list.
- Growth Vision: The government wants to raise the maritime sector’s contribution to India’s GDP from the current 4% to 12% by 2047.
Why is the Middle East situation a concern?
Rajnath Singh described the ongoing conflict in West Asia as “highly unusual.” He warned that such instability is becoming a new norm and poses a risk to global supply chains. He specifically mentioned the Strait of Hormuz and the Persian Gulf as critical areas for trade.
Any trouble in these regions directly impacts the energy supply and the economy, as a lot of oil and gas passes through these routes. The Minister stated that in such uncertain times, “self-reliance” is the only way to stay safe. He urged Defence Public Sector Undertakings (DPSUs) to lead the way in making India independent in maritime technology.
Government support and financial strength
To achieve these big goals, the government is providing strong support to the sector. India’s economy remains resilient with foreign exchange reserves crossing USD 700 billion. Some key initiatives to help the industry include:
- Maritime Development Fund: A fund of approximately ₹25,000 crore ($3 billion) is planned to support the sector.
- Subsidies: Financial assistance of up to 30% is available for building non-conventional vessels to encourage modern technology.
- MSME Growth: Expanding the shipbuilding industry will help thousands of small businesses (MSMEs) that are part of the supply chain.
