Shipbuilding is known as mother of heavy engineering as it enhances national security, strategic independence, and the resilience of trade and energy supply chains.

Current Status of Shipbuilding in India 

• Shipbuilding industry accounts for less than 1% of the global shipping market. 
  • China has the biggest shipbuilding capacity in the world, followed by South Korea and Japan. 
  • Foreign ships carry 92% of India’s total trade and are paid $75 billion annually for it.
• Cochin Shipyard has India’s highest capacity in shipbuilding and repairing.

Challenges faced by Sector

• High capital costs: Due to expensive financing options available, making large investments risky and limiting shipyards’ ability to scale.
• Import dependence: Lack of indigenous availability of many advanced materials and components.
• Lower productivity: Compared with China, Indian shipyards are less productive, often due to outdated technology, longer build times, Supply chain limitations, etc.

Strengthening India’s shipbuilding sector is vital to transforming India into a global maritime and shipbuilding hub by 2047