India to boost local fleet to achieve shipbuilding self-reliance: Sonowal

India is eyeing self-reliance in shipbuilding by increasing its domestic fleet and aims to be among the top-five nations in the segment by 2047, Sarbananda Sonowal, minister of ports, shipping and waterways, said on Monday.

- PRACHI PISAL

"Since we do not have ships, we pay $70-75 billion every year to foreign shipping firms. We will increase our own fleet and flagged ships so that we can save ₹4-5 trillion annually. That is our aim to become self-reliant," Sonowal said, speaking at the India Maritime Week 2025 (IMW 2025) in Mumbai.

The government is set to sign memorandums of understanding (MoUs) worth 10 trillion at the event, of which 1.55 trillion will be directed towards the shipbuilding segment, the ministry's secretary Vijay Kumar said.

India is targeting global leadership in the maritime sector by 2047, with planned investments worth ₹80 trillion, creation of 15 million jobs. It is also seeking a strong push for green shipping as part of the Maritime Amrit Kaal Vision.