India's Shipbuilding Ambitions

India is making significant efforts to enhance its shipbuilding capacity, with a goal to rise from 20th to the top 10 in global rankings by 2030 and the top 5 by 2047. Currently, India's shipping industry relies heavily on foreign firms, controlling only 0.07% of the global shipbuilding market, which results in substantial financial outflows—about $75 billion to foreign companies in FY23. The government recognizes these challenges and aims to establish a Maritime Development Fund of 30,000 crore rupees to facilitate easier access to capital for shipbuilders. This initiative, alongside partnerships with shipbuilding powerhouses like South Korea and Japan, represents a strategic effort to boost local capabilities, enhance economic independence, and ultimately improve national security in maritime affairs.