 "Rs 40k-crore Sagarmala 2.0 to provide support for shipbuilding, repair")
With the current edition of the Centre’s flagship maritime policy, Sagarmala, set to be completed over the next couple of years, the government will soon launch its second edition with a budgetary corpus of Rs 40,000 crore, with a special focus on shipbuilding, repair, and recycling.
“These new initiatives under Sagarmala 2.0 will strengthen our maritime economy and help us transition into a global maritime powerhouse,” union minister of ports, shipping, and waterways Sarbananda Sonowal told reporters ahead of the National Sagarmala Apex Committee’s meeting in New Delhi on Wednesday.
Backed by Rs 40,000 crore in budgetary support, it aims to catalyse investments worth Rs 12 trillion over the next decade, the shipping ministry said.
The Centre has set an ambitious target of becoming a top shipbuilding nation by 2047, in a bid to challenge the dominance of China, which is followed by South Korea and Japan.
For this, the government is looking to collaborate with leading shipyards in the latter two nations, evincing interest from players such as Samsung Heavy Industries, HD Hyundai Heavy Industries, and Hanwha Ocean (formerly Daewoo), along with major Japanese shipbuilders.
This initiative has been backed by long-awaited reforms in the Union Budget for FY26 for the nascent shipbuilding sector in India—such as the Rs 25,000 crore Maritime Development Fund (MDF), a revamped shipbuilding subsidy policy, a shipbreaking credit note scheme, and tax breaks for components.
The initiatives under Sagarmala 2.0 are likely to address critical infrastructure gaps in enabling a smooth shipbuilding and repair ecosystem, in consonance with states, with whom the issue was discussed at length at the apex panel meeting, officials aware of the developments said.
Senior officials from the Ministry of Ports, Shipping, and Waterways (MoPSW), NITI Aayog, Ministry of Road Transport and Highways, and other line ministries, along with senior representatives from states and union territories (UTs), were part of the deliberations.
“Over the past 10 years, the Sagarmala Programme has significantly advanced India’s maritime infrastructure. More than 100 port modernisation projects, valued at approximately Rs 32,600 crore, have added 230 million tonnes per annum to port capacity. Additionally, over 80 port connectivity projects worth around Rs 52,000 crore have enhanced 1,500 km of connectivity to ports. Under the Coastal Community Development pillar, fishing harbour projects have positively impacted over 30,000 fishermen. Furthermore, the ministry has extended financial support to 119 projects worth approximately Rs 10,000 crore across coastal states and UTs under the Sagarmala scheme,” the shipping ministry said in a statement.
Moreover, the ministry also launched the Sagarmala Startup Innovation Initiative, aimed at boosting maritime entrepreneurship. The policy, now in its second phase, will focus on green shipping, smart ports, maritime logistics, shipbuilding technology, and sustainable coastal development.
“The initiative will offer funding, mentorship, and industry partnerships to nurture cutting-edge solutions,” the ministry said.