Prime Minister Narendra Modi has stated that the government has allocated ₹70,000 crore for shipbuilding as part of the Make in India initiative. He linked the funding to the need to reduce supply chain risks caused by the ongoing crisis in West Asia.
PM Modi made the remarks while addressing the situation in the Middle East. He noted that attacks on commercial vessels in key routes like the Strait of Hormuz are unacceptable. These disruptions have affected global shipping and raised concerns for energy and trade security.
The ₹70,000 crore package includes support for shipyards, a Maritime Development Fund, and other measures to boost domestic ship production. It aims to help India build more vessels at home and cut dependence on foreign shipping companies.
The allocation covers financial aid for shipbuilders, low-cost financing options, and development of new shipbuilding clusters. Large ships now have infrastructure status, which makes it easier for companies to get loans and expand.
PM Modi said the step will strengthen India’s maritime sector and create new jobs. He added that the country must prepare for future supply disruptions by growing its own shipbuilding capacity.
India currently ranks around 16th in the world for shipbuilding and ship ownership. Only a small share of Indian-owned ships are built in the country. The government wants to move into the top 10 globally and increase the use of Indian-flagged vessels for trade.
The announcement comes at a time when tensions in West Asia have led to higher shipping costs and delays. India has already evacuated over 3 lakh citizens from conflict zones and continues to monitor the impact on energy imports and trade.
The shipbuilding sector forms a key part of India’s blue economy. The new funds support the Make in India goal to manufacture more goods at home and build a stronger merchant fleet. This will help reduce the large payments India makes every year to foreign shipping lines.
