On September 25, the Union Cabinet approved a comprehensive package of ₹69,725 crore to revitalise India’s shipbuilding and maritime ecosystem. Here’s the lowdown on why this package is required and how it will build self-reliance in the shipping sector

Why is this a critical move for India’s shipping sector?

The global shipbuilding market is valued at nearly ₹15,500 crore, with the Asia-Pacific region accounting for nearly 85 per cent of all shipbuilding activities. China is the dominant player with nearly 70 per cent market share, followed by South Korea and Japan. Chinese shipyards are fully booked for the next 3 to 4 years, and no slots are available until the end of 2028. India’s fleet comprises about 1,600 vessels, with a gross tonnage (GT) of 14 million tonnes. The package aims to

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