India aims to be one of top five shipbuilders by 2047

Indian shipyards are specializing in niche segments like offshore support vessels, dredgers, and ferries

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With a projected value of $8,120 million by 2033, India's shipbuilding industry is on a rapid growth path. This is a significant increase from its 2022 valuation of $90 million.The story of India's government setting a goal to become a top 10 shipbuilder by 2030 and a top five one by 2047 has been doing the rounds for some time now. There are many factors contributing to this sustained growth. Government support and initiatives like the Scheme for Financial Assistance to Shipyards in India (SFAS) are helping the industry grow. India's coastline and proximity to major shipping routes reduce transportation costs and turnaround times. India's labor costs are lower than other shipbuilding nations, which attracts international clients. Indian shipyards are specializing in niche segments like offshore support vessels, dredgers, and ferries.

Some of India's top shipbuilding companies include: Mazagon Dock Limited (MDL) which constructs warships for the Indian Navy and Coast Guard; and the Cochin Shipyard Limited (CSL) that specializes in offshore vessels, oil tankers, and aircraft carriers. The Adani Group is also planning a major shipbuilding initiative at Mundra Port in Gujarat, with a target of reaching a US$ 62 billion market by 2047.

India currently ranks 20th in the global shipbuilding industry with its 0.06% share in the global shipbuilding market. The global market is dominated by China, Japan, and South Korea, which collectively have 85% of the share in the market.

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