India Eyes Global Shipbuilding Market With New Mega Parks On East And West Coasts By 2030

India plans to set up two operational Mega shipbuilding parks by 2030, targeting a slice of the $100 billion global shipbuilding industry, said Union Minister Sarbananda Sonowal.

"The immediate target is to have four Mega shipbuilding parks with two each on the East and West coast. Gujarat, Maharashtra, Odisha, and Andhra Pradesh are showing positive signs," Sonowal, the Union Minister for Ports, Shipping, and Waterways, was quoted as saying by Economic Times.

The minister added that states reiterated their commitments for these projects at the 20th Maritime State Development Council (MSDC).

Sonowal said there will be one operational Mega shipbuilding park each on the West and East coast of the country by 2030.

Under the proposed plan, the government will develop basic infrastructure such as roads, land development, and utilities like power and water while the private players will provide critical equipment such as cranes, machines for lifting and cutting, besides dry dock making, and manpower.

These projects are likely to be awarded through global bidding on revenue or profit share commitment.

This initiative is set to significantly enhance the capability of India's shipbuilding industry, enabling the construction of larger vessels with a cargo capacity of up to 3 million tonnes, compared to the current maximum of 1.25 million tonnes.

Sonowal also highlighted that these parks would spur the growth of ancillary industries and generate employment opportunities.

The need for such facilities gained prominence after MV Maersk Frankfurt caught fire in the Arabian Sea in July this year.

"We will develop PoR along both the East and West coast to aid in rescue operations during mishaps at sea," he said.

Further, the Indian Maritime Centre (IMC) - an umbrella organisation for all stakeholders of the ports, shipping, and waterways sector - was unveiled.

"The IMC will represent the entire Indian maritime industry across the world," he said, adding India will now have comparable counterparts to those for representing the sector in Japan and South Korea.

An international arbitration centre headquartered in Mumbai was also announced.

Currently, most shipping-related disputes are adjudicated in London, Singapore, and Hong Kong. India has limited maritime dispute resolution capability at this moment and this new centre aims to bridge the gap, Sonowal added.

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