 "maritime, ocean, sea, cargo")
The Ministry of Ports, Shipping, and Waterways unveiled its Maritime Vision 2047 on Tuesday, outlining nearly 300 initiatives aimed at making India a global maritime leader.
The vision requires an estimated investment of Rs 75-80 trillion over the next 25 years to achieve a range of ambitious goals. These include carbon neutrality at all major ports, development of 25 cruise terminals, and featuring among the world’s top five shipbuilding nations.
The majority of these initiatives address long-standing issues, which have hindered the growth of India’s shipping infrastructure. There is also a significant focus on aligning India's maritime activities with global environmental standards set by bodies like the International Maritime Organisation (IMO).
Expansion in ports and Indian vessels
The vision sets the goal of quadrupling port capacity to 10 billion tonnes per annum by 2047, with 100 per cent public-private partnership (PPP) planned for 12 major ports. Officials said there would be renewed emphasis on acquiring new vessels to increase India's share in the global shipping market. Investments up to Rs 55 trillion are expected in port and vessel-related infrastructure over the next 25 years.
The report highlights that, while the Indian-flag shipping tonnage has grown, the share of Indian fleet in the global fleet remains at around 1 per cent. In comparison, China accounts for 5 per cent and Singapore accounts for 6.5 per cent in global tonnage.
“The growth of Indian-flag shipping tonnage has not been able to keep up with the pace of Indian trade needs," the report noted.
To address this, the Centre is considering nine policy interventions, including tax-related changes and streamlining vessel registration processes. These include revisiting the applicability of TDS on wages paid to Indian seafarers, allowing Input Tax Credit on the fuel and spares procured for vessels, etc. It also proposes that Indian ships should not be required to pay GST on reverse charge for maintenance services consumed outside India. The vision also advocates granting infrastructure status to the shipping industry.
Additionally, the Centre is exploring alternative financing options for vessel owners, such as alternate investment funds, and considering the removal of restrictions on ship leasing by insurance companies.
Green shipping initiatives
Among the 22 initiatives focused on green shipping, the Centre plans to establish a decarbonisation cell at the Directorate General of Shipping. More than 20 pilot projects are proposed under India's Green Maritime Shipping Programme, aimed at incentivising the development of low-carbon vessels. The ministry has also suggested that the production-linked incentive (PLI) scheme also be extended to support green maritime technology in India.
Focus will also be on domestic hydrogen production and distribution through major ports.
