India is steadily emerging as a global leader in the Blue Economy, supported by multiple initiatives focusing on ports, shipbuilding, logistics, renewable energy and allied maritime industries, Shyam Jagannathan, Director General of Shipping, has said.

Emphasising the growing importance of the maritime sector in India’s economic transformation, he said the Blue Economy has emerged as a critical driver of infrastructure development, global competitiveness and sustainable growth under the vision of Viksit Bharat 2047.

Pivotal role

Addressing Comarsem 2026 in Kochi on Friday, Jagannathan said India’s maritime domain plays a pivotal role in trade and logistics, with over 90 per cent of the country’s trade by volume moving through sea routes. With 1,520-plus merchant vessels and over 13 million gross tonnage capacity, the country is strengthening its presence in global shipping and maritime services.

The Government aims to position the country among the top 10 global shipbuilding and ship repair nations, scaling capacity from 30,000 GT to over 500,000 GT, while ensuring more than 60 per cent renewable energy usage at major ports.

Referring to the Maritime Amrit Kaal Vision 2047, Jagannathan said the advanced phase targets a top five global position in shipbuilding while maintaining global leadership in ship recycling. Key initiatives include development of carbon-neutral ports, promotion of green and alternative fuels, green bunkering infrastructure and incentives for low-emission vessels, supported by 300-plus strategic initiatives across 11 key maritime areas and 20–30 per cent financial assistance for green vessels, including retrofitting.

ship recycling

On ship recycling, he said India handles 30–35 per cent of global ship recycling tonnage, meets 20–25 per cent of domestic ferrous scrap demand and hosts 115 Hong Kong Convention-compliant yards at Alang–Sosiya in Gujarat, supporting the green steel ecosystem and large-scale employment.

He also highlighted major policy reforms, including the enactment of five landmark mercantile marine legislations in 2025 — the Bills of Lading Act, Carriage of Goods by Sea Act, Coastal Shipping Act, Merchant Shipping Act and Indian Ports Ac t— aimed at modernising regulation, improving ease of doing business and aligning India’s maritime framework with global standards.

Source: The Hindu Business Line 

#theshippingtribune #latestnews #shippingnews #dailynews #Maritimenews #shippingindustry #news #media #newsupdate #maritime #shippingnewsworldwide