ENA Global 2025-08-07 15:22:40 <p><span style="font-size:14px"><strong>New Delhi, Aug 7 (KNN) </strong>The Indian government is introducing a legal measure to strengthen its shipbuilding industry, in addition to upcoming fiscal and financial incentives aimed at propelling India into the top five global shipbuilding nations by 2047.</span></p> <p><span style="font-size:14px">A key component of this push is the Coastal Shipping Bill, which has already passed the Lok Sabha and awaits approval from the Rajya Sabha.</span></p> <p><span style="font-size:14px">The bill seeks to update regulations for vessels operating in India's coastal and export-import (EXIM) trade.</span></p> <p><span style="font-size:14px">Under the proposed law, Indian-flagged ships will no longer require a licence from the Directorate General (DG) of Shipping to operate in coastal or EXIM trade.</span></p> <p><span style="font-size:14px">However, foreign-flagged vessels will be required to obtain licences. These licences may include specific conditions such as mandatory employment of Indian seafarers or use of India-built vessels, aimed at boosting local jobs and shipbuilding capacity.</span></p> <p><span style="font-size:14px">According to officials, these measures are intended to create demand for domestically built ships and generate employment in the maritime sector.</span></p> <p><span style="font-size:14px">However, industry experts have criticised the plan as unrealistic, citing Indias limited capacity to build ships at scale. Requiring foreign shipowners to use India-built ships or hire Indian crew is impractical without sufficient shipbuilding infrastructure, one expert said.</span></p> <p><span style="font-size:14px">To support the initiative, the government is also finalising a new shipbuilding policy, which includes financial assistance of up to 25 per cent for green ships, a ship recycling credit note scheme, and a Rs 25,000 crore Maritime Development Fund (MDF) for long-term financing.</span></p> <p><span style="font-size:14px">India currently holds just 0.06 per cent of the global shipbuilding market, ranked 20th. The government aims to reach the top 10 by 2030 and the top 5 by 2047 through this multi-pronged strategy.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 43105 https://knnindia.co.in/news/newsdetails/global/india-targets-top-5-spot-in-global-shipbuilding-by-2047-with-new-coastal-shipping-law 2025-08-07 15:22:40 knnindia.co.in