For the First Time: Indian Government Plans 1,000 Merchant Navy Ships for Maritime Self-Reliance
India plans to establish a new shipping company to expand its fleet by 1,000 ships in the next decade, boosting trade and cutting foreign freight costs
The new firm will be a joint venture of state-run oil, gas, and fertilizer companies, alongside Shipping Corporation of India and foreign entities
Prime Minister Narendra Modi's vision includes transforming India into a developed nation by 2047 with a robust manufacturing and trade ecosystem
India aims to reduce reliance on foreign carriers, which accounted for $75 billion of the $85 billion freight costs in 2019/20
The current Indian fleet includes around 1,500 large vessels, underscoring the need to expand capacity to keep up with trade growth
The initiative will be backed by a maritime development fund of Rs 30,000 crore ($3.6 billion) in partnership with major port authorities
In January, oil and shipping ministries agreed to align state-run companies and the new entity to optimize operations and efficiency
The ambitious plan aims to strengthen India's shipping sector, reduce costs, and secure a significant role in global trade by 2047