Overview
- Cochin Shipyard and Mazagon Dock signed MoUs with Tamil Nadu for a Rs 30,000 crore shipbuilding hub in Thoothukudi that can construct naval vessels, cargo ships and VLCCs, with a detailed project report to follow.
- The India Ship Technology Centre was inaugurated at the Indian Maritime University’s Visakhapatnam campus with a Rs 305 crore outlay to support R&D, design, skilling and shared facilities for shipyards.
- A Cabinet-backed package of about Rs 70,000 crore under a proposed National Shipbuilding Mission includes a revamped assistance scheme of Rs 24,736 crore and a shipbreaking credit note to offset cost disadvantages.
- The ministry is courting South Korean and Japanese shipbuilders to set up in India, with officials dubbing the push a “Maruti moment” as global yards booked through 2028–2029 look for additional capacity.
- Ports Minister Sarbananda Sonowal projects Rs 1.82 lakh crore in sector investment, noting only about 5% of India’s EXIM cargo sails on Indian-flagged ships and citing potential annual freight savings of up to Rs 4.5 lakh crore.