India to launch initiatives to challenge global shipbuilding giants

India is preparing to launch a series of mission-mode measures to transform itself into a global shipbuilding and maritime services hub, according to a report. The initiative, aimed at building a full-service maritime ecosystem, will include a maritime development fund, revamped shipbuilding assistance schemes, and policies to bolster domestic capabilities across shipbuilding, repairs, financing, insurance, technical staffing and dispute resolution. The idea is to plug every critical gap in the value chain so that India is not just building ships, but also financing, insuring, managing and resolving disputes. Currently, China, South Korea and Japan dominate over 90% of global shipbuilding, with China alone accounting for nearly half of all new orders. India, with less than 1% share, is now targeting a spot in the global top 10 by 2030 and top five by 2047, as per a report.

 

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